GLRE vs VXX: Correlation
Greenlight Reinsurance, Ltd. - Class A (GLRE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLRE and VXX?
Over the past 3 years, GLRE and VXX moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.07 versus -0.27 over 3 years. Over 5 years the correlation is -0.25, and the annualized covariance of weekly returns is -393.8 %².
Among the 11 assets we track against GLRE, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months GLRE outperformed by 68.3 percentage points (+18.6% for GLRE against -49.7% for VXX). One caveat on sizing: VXX is 2.5 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.
GLRE vs VXX: side by side
| GLRE (Greenlight Reinsurance, Ltd. - Class A) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.6% | -49.7% |
| 5-year return | +84.1% | -95.6% |
| Volatility (ann.) | 24.0% | 60.9% |
| Beta vs S&P 500 | 0.33 | -3.31 |
| Max drawdown (3Y) | -22.8% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLRE | VXX |
|---|---|---|
| 2022 | +4.0% | -23.8% |
| 2023 | +40.1% | -72.5% |
| 2024 | +22.6% | -26.2% |
| 2025 | +4.1% | -42.2% |
| 2026 | +5.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLRE and VXX good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLRE and VXX?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with 0.07 over the last year and -0.25 over 5 years.
Is VXX a good diversifier for GLRE?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/glre-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glre-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GLRE correlations · VXX correlations
