GS vs VXX: Correlation
Measured on weekly returns over the past three years, Goldman Sachs (GS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.71, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GS and VXX?
Across a 3-year window, the weekly returns of GS and VXX correlate at -0.71, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.58 versus -0.71 over 3 years. Stretching to 5 years gives -0.61, with an annualized covariance of -1159.2 %².
Among the 41 assets we track against GS, VXX sits near the bottom by co-movement, at rank #40. Correlation aside, the last 12 months split them widely, with GS ahead by 91.3 points (+41.6% versus -49.7%). Note the risk asymmetry: VXX runs 2.3 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.
GS vs VXX: side by side
| GS (Goldman Sachs) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.6% | -49.7% |
| 5-year return | +184.1% | -95.6% |
| Volatility (ann.) | 27.0% | 60.9% |
| Beta vs S&P 500 | 1.34 | -3.31 |
| Max drawdown (3Y) | -30.9% | -83.3% |
| Market cap | $303.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.63% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GS | VXX |
|---|---|---|
| 2022 | -7.9% | -23.8% |
| 2023 | +15.9% | -72.5% |
| 2024 | +52.0% | -26.2% |
| 2025 | +56.6% | -42.2% |
| 2026 | +19.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GS and VXX good diversifiers for each other?
Yes: at -0.71, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GS and VXX?
The GS/VXX correlation stands at -0.71 on a 3-year window (1 year: -0.58, 5 years: -0.61), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for GS?
Yes: at -0.71, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.71 mean?
A reading of -0.71 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/gs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gs-vs-vxx/)
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Related comparisons
Hubs: GS correlations · VXX correlations
