GL vs VXZ: Correlation
How closely do Globe Life (GL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GL and VXZ?
On 3 years of weekly data the GL/VXZ correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.34) sits close to the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -272.9 %².
Within GL's tracked universe of 30 assets, VXZ comes in at #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GL outperformed by 42.2 percentage points (+26.1% for GL against -16.1% for VXZ).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GL vs VXZ: side by side
| GL (Globe Life) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.1% | -16.1% |
| 5-year return | +91.0% | -53.1% |
| Volatility (ann.) | 35.7% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -61.6% | -36.4% |
| Market cap | $13.5B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.68% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GL | VXZ |
|---|---|---|
| 2022 | +29.7% | +0.5% |
| 2023 | +1.8% | -44.0% |
| 2024 | -7.5% | -12.7% |
| 2025 | +26.5% | +5.7% |
| 2026 | +26.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, GL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GL and VXZ?
As of 2026-08-27, the correlation of weekly returns between GL and VXZ is -0.30 over 3 years, -0.34 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for GL?
Yes. With a correlation of -0.30, GL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GL correlations · VXZ correlations
