GNT vs VXZ: Correlation
How closely do GAMCO Natural Resources, Gold & Income Trust (GNT) 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 -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GNT and VXZ?
Across a 3-year window, the weekly returns of GNT and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.39) runs below the 3-year figure (-0.25). Stretching to 5 years gives -0.29, with an annualized covariance of -133.0 %².
VXZ is close to the least connected end of GNT's tracked universe, ranking #9 of 11. The last year tells two different stories: GNT led by 67.2 percentage points, +51.1% for GNT against -16.1% for VXZ.
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.
GNT vs VXZ: side by side
| GNT (GAMCO Natural Resources, Gold & Income Trust) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.1% | -16.1% |
| 5-year return | +152.2% | -53.1% |
| Volatility (ann.) | 21.0% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -15.7% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GNT | VXZ |
|---|---|---|
| 2022 | +2.8% | +0.5% |
| 2023 | +7.8% | -44.0% |
| 2024 | +10.5% | -12.7% |
| 2025 | +52.4% | +5.7% |
| 2026 | +32.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GNT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, GNT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GNT and VXZ?
As of 2026-08-27, the correlation of weekly returns between GNT and VXZ is -0.25 over 3 years, -0.39 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for GNT?
Yes. With a correlation of -0.25, GNT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/gnt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gnt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GNT correlations · VXZ correlations
