GPMT vs VXZ: Correlation
How closely do Granite Point Mortgage Trust Inc. (GPMT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GPMT and VXZ?
On 3 years of weekly data the GPMT/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.33 lands near the 3-year figure. The 5-year figure is -0.47, and annualized covariance runs at -517.3 %².
VXZ is close to the least connected end of GPMT's tracked universe, ranking #13 of 13. The last year tells two different stories: VXZ led by 40.7 percentage points, -56.8% for GPMT against -16.1% for VXZ. One caveat on sizing: GPMT is 1.8 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.
GPMT vs VXZ: side by side
| GPMT (Granite Point Mortgage Trust Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -56.8% | -16.1% |
| 5-year return | -86.4% | -53.1% |
| Volatility (ann.) | 47.2% | 25.6% |
| Beta vs S&P 500 | 1.20 | -1.31 |
| Max drawdown (3Y) | -78.6% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 19.05% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GPMT | VXZ |
|---|---|---|
| 2022 | -48.3% | +0.5% |
| 2023 | +28.8% | -44.0% |
| 2024 | -49.0% | -12.7% |
| 2025 | -7.0% | +5.7% |
| 2026 | -51.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GPMT and VXZ good diversifiers for each other?
Yes. With a correlation of -0.43, GPMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GPMT and VXZ?
As of 2026-08-27, the correlation of weekly returns between GPMT and VXZ is -0.43 over 3 years, -0.33 over 1 year and -0.47 over 5 years.
Is VXZ a good diversifier for GPMT?
Yes. With a correlation of -0.43, GPMT and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/gpmt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gpmt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GPMT correlations · VXZ correlations
