GRI vs VXZ: Correlation
GRI Bio, Inc. (GRI) 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 GRI and VXZ?
Across a 3-year window, the weekly returns of GRI and VXZ correlate at -0.29, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.29). Stretching to 5 years gives -0.12, with an annualized covariance of -935.5 %².
Among the 10 assets we track against GRI, VXZ sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 78.7 percentage points (-94.8% for GRI against -16.1% for VXZ). Note the risk asymmetry: GRI runs 4.9 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.
GRI vs VXZ: side by side
| GRI (GRI Bio, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -94.8% | -16.1% |
| 5-year return | -100.0% | -53.1% |
| Volatility (ann.) | 125.8% | 25.6% |
| Beta vs S&P 500 | 1.92 | -1.31 |
| Max drawdown (3Y) | -100.0% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRI | VXZ |
|---|---|---|
| 2022 | -95.2% | +0.5% |
| 2023 | -95.6% | -44.0% |
| 2024 | -97.6% | -12.7% |
| 2025 | -98.2% | +5.7% |
| 2026 | -70.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.29, GRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GRI and VXZ?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.07 over the last year and -0.12 over 5 years.
Is VXZ a good diversifier for GRI?
Yes. With a correlation of -0.29, GRI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
A reading of -0.29 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/gri-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gri-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GRI correlations · VXZ correlations
