GRMN vs VXZ: Correlation
How closely do Garmin (GRMN) 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 -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRMN and VXZ?
Across a 3-year window, the weekly returns of GRMN and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.38 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -340.4 %².
Among the 36 assets we track against GRMN, VXZ sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with GRMN ahead by 41.2 points (+25.1% versus -16.1%).
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.
GRMN vs VXZ: side by side
| GRMN (Garmin) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +25.1% | -16.1% |
| 5-year return | +80.9% | -53.1% |
| Volatility (ann.) | 34.7% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -28.0% | -36.4% |
| Market cap | $55.9B | – |
| P/E (trailing) | 29.9 | – |
| Dividend yield | 1.45% | – |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | GRMN | VXZ |
|---|---|---|
| 2022 | -30.2% | +0.5% |
| 2023 | +43.1% | -44.0% |
| 2024 | +63.3% | -12.7% |
| 2025 | -0.1% | +5.7% |
| 2026 | +44.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRMN and VXZ good diversifiers for each other?
Yes. With a correlation of -0.38, GRMN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GRMN and VXZ?
The GRMN/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.31, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GRMN?
Yes. With a correlation of -0.38, GRMN and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.38 mean?
On the −1 to +1 scale, -0.38 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/grmn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grmn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GRMN correlations · VXZ correlations
