GSBD vs VXX: Correlation
Measured on weekly returns over the past three years, Goldman Sachs BDC, Inc. (GSBD) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.42, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSBD and VXX?
On 3 years of weekly data the GSBD/VXX correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.21 versus -0.42 over 3 years. The 5-year figure is -0.44, and annualized covariance runs at -530.3 %².
Out of 17 assets tracked against GSBD, VXX lands near the bottom at #16. The last year tells two different stories: GSBD led by 54.0 percentage points, +4.3% for GSBD against -49.7% for VXX. Note the risk asymmetry: VXX runs 2.9 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.
GSBD vs VXX: side by side
| GSBD (Goldman Sachs BDC, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.3% | -49.7% |
| 5-year return | +1.8% | -95.6% |
| Volatility (ann.) | 20.9% | 60.9% |
| Beta vs S&P 500 | 0.62 | -3.31 |
| Max drawdown (3Y) | -29.6% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 12.77% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSBD | VXX |
|---|---|---|
| 2022 | -20.1% | -23.8% |
| 2023 | +21.0% | -72.5% |
| 2024 | -6.2% | -26.2% |
| 2025 | -8.8% | -42.2% |
| 2026 | +17.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSBD and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
FAQ
What is the correlation between GSBD and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.21 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for GSBD?
By historical standards, yes. A correlation of -0.42 means the two rarely move for the same reasons.
What does a correlation of -0.42 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/gsbd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsbd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GSBD correlations · VXX correlations
