GS vs VXZ: Correlation
Measured on weekly returns over the past three years, Goldman Sachs (GS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) 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 VXZ?
Across a 3-year window, the weekly returns of GS and VXZ correlate at -0.71, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.54) than the 3-year average (-0.71). Stretching to 5 years gives -0.64, with an annualized covariance of -491.8 %².
Among the 41 assets we track against GS, VXZ sits near the bottom by co-movement, at rank #41. Their recent paths diverged sharply: over the last 12 months GS outperformed by 57.7 percentage points (+41.6% for GS against -16.1% for VXZ).
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 VXZ: side by side
| GS (Goldman Sachs) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +41.6% | -16.1% |
| 5-year return | +184.1% | -53.1% |
| Volatility (ann.) | 27.0% | 25.6% |
| Beta vs S&P 500 | 1.34 | -1.31 |
| Max drawdown (3Y) | -30.9% | -36.4% |
| Market cap | $303.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.63% | – |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | GS | VXZ |
|---|---|---|
| 2022 | -7.9% | +0.5% |
| 2023 | +15.9% | -44.0% |
| 2024 | +52.0% | -12.7% |
| 2025 | +56.6% | +5.7% |
| 2026 | +19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GS and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
FAQ
What is the correlation between GS and VXZ?
Using weekly returns as of 2026-08-27: -0.71 over 3 years, with -0.54 over the last year and -0.64 over 5 years.
Is VXZ a good diversifier for GS?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
What does a correlation of -0.71 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/gs-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gs-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GS correlations · VXZ correlations
