GLW vs VXZ: Correlation
Measured on weekly returns over the past three years, Corning Inc. (GLW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.32, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLW and VXZ?
Over the past 3 years, GLW and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.32). Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -347.8 %².
VXZ is close to the least connected end of GLW's tracked universe, ranking #36 of 37. Their recent paths diverged sharply: over the last 12 months GLW outperformed by 145.8 percentage points (+129.7% for GLW against -16.1% for VXZ). Note the risk asymmetry: GLW runs 1.6 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.
GLW vs VXZ: side by side
| GLW (Corning Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +129.7% | -16.1% |
| 5-year return | +331.4% | -53.1% |
| Volatility (ann.) | 42.1% | 25.6% |
| Beta vs S&P 500 | 1.15 | -1.31 |
| Max drawdown (3Y) | -51.5% | -36.4% |
| Market cap | $131.6B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.73% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | GLW | VXZ |
|---|---|---|
| 2022 | -11.6% | +0.5% |
| 2023 | -1.2% | -44.0% |
| 2024 | +60.6% | -12.7% |
| 2025 | +87.8% | +5.7% |
| 2026 | +75.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLW and VXZ good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLW and VXZ?
As of 2026-08-27, the correlation of weekly returns between GLW and VXZ is -0.32 over 3 years, -0.20 over 1 year and -0.37 over 5 years.
Is VXZ a good diversifier for GLW?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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/glw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/glw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLW correlations · VXZ correlations
