GRNT vs VXZ: Correlation
Measured on weekly returns over the past three years, Granite Ridge Resources, Inc. (GRNT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRNT and VXZ?
Across a 3-year window, the weekly returns of GRNT and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (0.21) than the 3-year average (-0.26). Stretching to 5 years gives -0.20, with an annualized covariance of -257.3 %².
Out of 11 assets tracked against GRNT, VXZ lands near the bottom at #10. The last year tells two different stories: GRNT led by 15.7 percentage points, -0.4% for GRNT against -16.1% for VXZ. Risk is not evenly split, since GRNT carries 1.5 times the volatility of the other side.
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.
GRNT vs VXZ: side by side
| GRNT (Granite Ridge Resources, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.4% | -16.1% |
| 5-year return | -31.9% | -53.1% |
| Volatility (ann.) | 39.2% | 25.6% |
| Beta vs S&P 500 | 0.55 | -1.31 |
| Max drawdown (3Y) | -36.8% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRNT | VXZ |
|---|---|---|
| 2022 | -7.1% | +0.5% |
| 2023 | -28.5% | -44.0% |
| 2024 | +14.9% | -12.7% |
| 2025 | -21.3% | +5.7% |
| 2026 | +12.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRNT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between GRNT and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with 0.21 over the last year and -0.20 over 5 years.
Is VXZ a good diversifier for GRNT?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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/grnt-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grnt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GRNT correlations · VXZ correlations
