GLU vs VXZ: Correlation
Measured on weekly returns over the past three years, Gabelli Global Utility (GLU) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLU and VXZ?
Across a 3-year window, the weekly returns of GLU and VXZ correlate at -0.35, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -148.6 %².
Out of 12 assets tracked against GLU, VXZ lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months GLU outperformed by 31.6 percentage points (+15.5% for GLU against -16.1% for VXZ). Note the risk asymmetry: VXZ runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GLU vs VXZ: side by side
| GLU (Gabelli Global Utility) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +15.5% | -16.1% |
| 5-year return | +33.9% | -53.1% |
| Volatility (ann.) | 16.8% | 25.6% |
| Beta vs S&P 500 | 0.45 | -1.31 |
| Max drawdown (3Y) | -17.9% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 6.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLU | VXZ |
|---|---|---|
| 2022 | -28.1% | +0.5% |
| 2023 | +2.1% | -44.0% |
| 2024 | +23.6% | -12.7% |
| 2025 | +37.9% | +5.7% |
| 2026 | +5.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLU and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between GLU and VXZ?
The GLU/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.32, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GLU?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/glu-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glu-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLU correlations · VXZ correlations
