GPMT vs VXX: Correlation
How closely do Granite Point Mortgage Trust Inc. (GPMT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPMT and VXX?
Across a 3-year window, the weekly returns of GPMT and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.24 versus -0.40 over 3 years. Stretching to 5 years gives -0.40, with an annualized covariance of -1150.2 %².
Among the 13 assets we track against GPMT, VXX sits near the bottom by co-movement, at rank #12. On 12-month performance VXX holds a 7.1-point edge, -56.8% against -49.7%.
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.
GPMT vs VXX: side by side
| GPMT (Granite Point Mortgage Trust Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -56.8% | -49.7% |
| 5-year return | -86.4% | -95.6% |
| Volatility (ann.) | 47.2% | 60.9% |
| Beta vs S&P 500 | 1.20 | -3.31 |
| Max drawdown (3Y) | -78.6% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.05% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPMT | VXX |
|---|---|---|
| 2022 | -48.3% | -23.8% |
| 2023 | +28.8% | -72.5% |
| 2024 | -49.0% | -26.2% |
| 2025 | -7.0% | -42.2% |
| 2026 | -51.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPMT and VXX good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GPMT and VXX?
The GPMT/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.24, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for GPMT?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 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/gpmt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gpmt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GPMT correlations · VXX correlations
