GLRE vs VXZ: Correlation
How closely do Greenlight Reinsurance, Ltd. - Class A (GLRE) 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 -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLRE and VXZ?
On 3 years of weekly data the GLRE/VXZ correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.07) runs above the 3-year figure (-0.28). The 5-year figure is -0.29, and annualized covariance runs at -170.9 %².
Among the 11 assets we track against GLRE, VXZ sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with GLRE ahead by 34.7 points (+18.6% versus -16.1%).
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 VXZ: side by side
| GLRE (Greenlight Reinsurance, Ltd. - Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.6% | -16.1% |
| 5-year return | +84.1% | -53.1% |
| Volatility (ann.) | 24.0% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -22.8% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLRE | VXZ |
|---|---|---|
| 2022 | +4.0% | +0.5% |
| 2023 | +40.1% | -44.0% |
| 2024 | +22.6% | -12.7% |
| 2025 | +4.1% | +5.7% |
| 2026 | +5.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLRE and VXZ good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLRE and VXZ?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with 0.07 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for GLRE?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
A reading of -0.28 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/glre-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glre-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLRE correlations · VXZ correlations
