GNL vs VXX: Correlation
How closely do Global Net Lease, Inc. (GNL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNL and VXX?
Over the past 3 years, GNL and VXX moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.21 versus -0.33 over 3 years. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -577.5 %².
Out of 11 assets tracked against GNL, VXX lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with GNL ahead by 77.9 points (+28.2% versus -49.7%). Risk is not evenly split, since VXX carries 2.1 times the volatility of the other side.
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.
GNL vs VXX: side by side
| GNL (Global Net Lease, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.2% | -49.7% |
| 5-year return | -2.7% | -95.6% |
| Volatility (ann.) | 29.0% | 60.9% |
| Beta vs S&P 500 | 0.50 | -3.31 |
| Max drawdown (3Y) | -35.6% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.32% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNL | VXX |
|---|---|---|
| 2022 | -7.5% | -23.8% |
| 2023 | -9.0% | -72.5% |
| 2024 | -15.3% | -26.2% |
| 2025 | +32.4% | -42.2% |
| 2026 | +13.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and VXX good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GNL and VXX?
The GNL/VXX correlation stands at -0.33 on a 3-year window (1 year: -0.21, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for GNL?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
A reading of -0.33 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/gnl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GNL correlations · VXX correlations
