GOOD vs VXZ: Correlation
Measured on weekly returns over the past three years, Gl (GOOD) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOOD and VXZ?
Across a 3-year window, the weekly returns of GOOD and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.38 versus -0.49 over 3 years. Stretching to 5 years gives -0.46, with an annualized covariance of -279.0 %².
VXZ is close to the least connected end of GOOD's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with GOOD ahead by 24.3 points (+8.2% 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.
GOOD vs VXZ: side by side
| GOOD (Gl) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.2% | -16.1% |
| 5-year return | -11.7% | -53.1% |
| Volatility (ann.) | 22.3% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -35.3% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 51.9 | – |
| Dividend yield | 9.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GOOD | VXZ |
|---|---|---|
| 2022 | -22.5% | +0.5% |
| 2023 | -21.6% | -44.0% |
| 2024 | +33.3% | -12.7% |
| 2025 | -28.1% | +5.7% |
| 2026 | +29.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOOD and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GOOD and VXZ?
As of 2026-08-27, the correlation of weekly returns between GOOD and VXZ is -0.49 over 3 years, -0.38 over 1 year and -0.46 over 5 years.
Is VXZ a good diversifier for GOOD?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/good-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/good-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GOOD correlations · VXZ correlations
