GLV vs VXZ: Correlation
Clough Global Dividend and Income Fund (GLV) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLV and VXZ?
On 3 years of weekly data the GLV/VXZ correlation comes out at -0.60, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.45 versus -0.60 over 3 years. The 5-year figure is -0.51, and annualized covariance runs at -188.7 %².
Out of 12 assets tracked against GLV, VXZ lands near the bottom at #11. The last year tells two different stories: GLV led by 34.3 percentage points, +18.2% for GLV against -16.1% for VXZ. One caveat on sizing: VXZ is 2.1 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.
GLV vs VXZ: side by side
| GLV (Clough Global Dividend and Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +18.2% | -16.1% |
| 5-year return | -5.5% | -53.1% |
| Volatility (ann.) | 12.3% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -11.5% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 10.55% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLV | VXZ |
|---|---|---|
| 2022 | -31.9% | +0.5% |
| 2023 | -8.4% | -44.0% |
| 2024 | +18.0% | -12.7% |
| 2025 | +23.0% | +5.7% |
| 2026 | +10.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.60, GLV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GLV and VXZ?
Using weekly returns as of 2026-08-27: -0.60 over 3 years, with -0.45 over the last year and -0.51 over 5 years.
Is VXZ a good diversifier for GLV?
Yes. With a correlation of -0.60, GLV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.60 mean?
On the −1 to +1 scale, -0.60 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/glv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLV correlations · VXZ correlations
