GOGO vs VXZ: Correlation
Measured on weekly returns over the past three years, Gogo Inc. (GOGO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOGO and VXZ?
Across a 3-year window, the weekly returns of GOGO and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.06) than the 3-year average (-0.23). Stretching to 5 years gives -0.23, with an annualized covariance of -377.0 %².
Out of 10 assets tracked against GOGO, VXZ lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 59.6 percentage points (-75.7% for GOGO against -16.1% for VXZ). Note the risk asymmetry: GOGO runs 2.4 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.
GOGO vs VXZ: side by side
| GOGO (Gogo Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -75.7% | -16.1% |
| 5-year return | -80.0% | -53.1% |
| Volatility (ann.) | 62.7% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -84.5% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GOGO | VXZ |
|---|---|---|
| 2022 | +9.1% | +0.5% |
| 2023 | -31.4% | -44.0% |
| 2024 | -20.1% | -12.7% |
| 2025 | -42.4% | +5.7% |
| 2026 | -41.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOGO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, GOGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GOGO and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.06 over the last year and -0.23 over 5 years.
Is VXZ a good diversifier for GOGO?
Yes. With a correlation of -0.23, GOGO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gogo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gogo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GOGO correlations · VXZ correlations
