GNL vs VXZ: Correlation
How closely do Global Net Lease, Inc. (GNL) 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 -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNL and VXZ?
Over the past 3 years, GNL and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.35 over 3. Over 5 years the correlation is -0.44, and the annualized covariance of weekly returns is -261.4 %².
VXZ is close to the least connected end of GNL's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with GNL ahead by 44.3 points (+28.2% 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.
GNL vs VXZ: side by side
| GNL (Global Net Lease, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +28.2% | -16.1% |
| 5-year return | -2.7% | -53.1% |
| Volatility (ann.) | 29.0% | 25.6% |
| Beta vs S&P 500 | 0.50 | -1.31 |
| Max drawdown (3Y) | -35.6% | -36.4% |
| Market cap | $2.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.32% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNL | VXZ |
|---|---|---|
| 2022 | -7.5% | +0.5% |
| 2023 | -9.0% | -44.0% |
| 2024 | -15.3% | -12.7% |
| 2025 | +32.4% | +5.7% |
| 2026 | +13.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, GNL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GNL and VXZ?
The GNL/VXZ correlation stands at -0.35 on a 3-year window (1 year: -0.30, 5 years: -0.44), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GNL?
Yes. With a correlation of -0.35, GNL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GNL correlations · VXZ correlations
