GPK vs VXX: Correlation
Measured on weekly returns over the past three years, Graphic Packaging Holding Company (GPK) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPK and VXX?
On 3 years of weekly data the GPK/VXX correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.39 lands near the 3-year figure. The 5-year figure is -0.32, and annualized covariance runs at -565.2 %².
Out of 13 assets tracked against GPK, VXX lands near the bottom at #12. Neither side won the trailing year by much: -47.7% against -49.7%. One caveat on sizing: VXX is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GPK vs VXX: side by side
| GPK (Graphic Packaging Holding Company) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -47.7% | -49.7% |
| 5-year return | -39.0% | -95.6% |
| Volatility (ann.) | 30.7% | 60.9% |
| Beta vs S&P 500 | 0.71 | -3.31 |
| Max drawdown (3Y) | -69.7% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 17.7 | – |
| Dividend yield | 3.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPK | VXX |
|---|---|---|
| 2022 | +15.9% | -23.8% |
| 2023 | +12.7% | -72.5% |
| 2024 | +11.7% | -26.2% |
| 2025 | -43.3% | -42.2% |
| 2026 | -23.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPK and VXX good diversifiers for each other?
Yes. With a correlation of -0.30, GPK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GPK and VXX?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.39 over the last year and -0.32 over 5 years.
Is VXX a good diversifier for GPK?
Yes. With a correlation of -0.30, GPK and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 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/gpk-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gpk-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GPK correlations · VXX correlations
