GSBD vs VXZ: Correlation
How closely do Goldman Sachs BDC, Inc. (GSBD) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSBD and VXZ?
On 3 years of weekly data the GSBD/VXZ correlation comes out at -0.43, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. The 5-year figure is -0.50, and annualized covariance runs at -229.5 %².
VXZ is close to the least connected end of GSBD's tracked universe, ranking #17 of 17. Correlation aside, the last 12 months split them widely, with GSBD ahead by 20.4 points (+4.3% 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.
GSBD vs VXZ: side by side
| GSBD (Goldman Sachs BDC, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.3% | -16.1% |
| 5-year return | +1.8% | -53.1% |
| Volatility (ann.) | 20.9% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -29.6% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 12.77% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSBD | VXZ |
|---|---|---|
| 2022 | -20.1% | +0.5% |
| 2023 | +21.0% | -44.0% |
| 2024 | -6.2% | -12.7% |
| 2025 | -8.8% | +5.7% |
| 2026 | +17.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSBD and VXZ good diversifiers for each other?
Yes. With a correlation of -0.43, GSBD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GSBD and VXZ?
The GSBD/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.34, 5 years: -0.50), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GSBD?
Yes. With a correlation of -0.43, GSBD and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/gsbd-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsbd-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSBD correlations · VXZ correlations
