GPGI vs VXZ: Correlation
GPGI, Inc. (GPGI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPGI and VXZ?
Across a 3-year window, the weekly returns of GPGI and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.29 over 3 years. Stretching to 5 years gives -0.19, with an annualized covariance of -395.9 %².
VXZ is close to the least connected end of GPGI's tracked universe, ranking #13 of 13. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 17.1 percentage points (-33.2% for GPGI against -16.1% for VXZ). Note the risk asymmetry: GPGI runs 2.1 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.
GPGI vs VXZ: side by side
| GPGI (GPGI, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -33.2% | -16.1% |
| 5-year return | +66.0% | -53.1% |
| Volatility (ann.) | 53.8% | 25.6% |
| Beta vs S&P 500 | 1.14 | -1.31 |
| Max drawdown (3Y) | -55.7% | -36.4% |
| Market cap | $3.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPGI | VXZ |
|---|---|---|
| 2022 | -40.2% | +0.5% |
| 2023 | +10.0% | -44.0% |
| 2024 | +197.3% | -12.7% |
| 2025 | +51.4% | +5.7% |
| 2026 | -31.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPGI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between GPGI and VXZ?
The GPGI/VXZ correlation stands at -0.29 on a 3-year window (1 year: -0.50, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GPGI?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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/gpgi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gpgi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GPGI correlations · VXZ correlations
