GLQ vs VXZ: Correlation
How closely do Clough Global Equity Fund (GLQ) 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 -0.65, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLQ and VXZ?
Over the past 3 years, GLQ and VXZ moved with a correlation of -0.65, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.58 lands near the 3-year figure. Over 5 years the correlation is -0.57, and the annualized covariance of weekly returns is -276.6 %².
Among the 21 assets we track against GLQ, VXZ sits near the bottom by co-movement, at rank #19. Correlation aside, the last 12 months split them widely, with GLQ ahead by 37.7 points (+21.6% versus -16.1%). One caveat on sizing: VXZ is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GLQ vs VXZ: side by side
| GLQ (Clough Global Equity Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.6% | -16.1% |
| 5-year return | -3.8% | -53.1% |
| Volatility (ann.) | 16.6% | 25.6% |
| Beta vs S&P 500 | 1.00 | -1.31 |
| Max drawdown (3Y) | -19.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 9.99% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLQ | VXZ |
|---|---|---|
| 2022 | -42.3% | +0.5% |
| 2023 | +2.8% | -44.0% |
| 2024 | +25.2% | -12.7% |
| 2025 | +28.5% | +5.7% |
| 2026 | +13.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLQ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.65, GLQ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GLQ and VXZ?
Using weekly returns as of 2026-08-27: -0.65 over 3 years, with -0.58 over the last year and -0.57 over 5 years.
Is VXZ a good diversifier for GLQ?
Yes. With a correlation of -0.65, GLQ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.65 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/glq-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glq-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLQ correlations · VXZ correlations
