GSL vs VXZ: Correlation
Measured on weekly returns over the past three years, Global Ship Lease Inc New Class A (GSL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.35, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSL and VXZ?
Across a 3-year window, the weekly returns of GSL and VXZ correlate at -0.35, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.13 versus -0.35 over 3 years. Stretching to 5 years gives -0.32, with an annualized covariance of -263.7 %².
Out of 14 assets tracked against GSL, VXZ lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with GSL ahead by 76.2 points (+60.1% 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.
GSL vs VXZ: side by side
| GSL (Global Ship Lease Inc New Class A) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +60.1% | -16.1% |
| 5-year return | +211.3% | -53.1% |
| Volatility (ann.) | 29.8% | 25.6% |
| Beta vs S&P 500 | 0.72 | -1.31 |
| Max drawdown (3Y) | -35.8% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 4.3 | – |
| Dividend yield | 5.66% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSL | VXZ |
|---|---|---|
| 2022 | -22.2% | +0.5% |
| 2023 | +29.0% | -44.0% |
| 2024 | +18.1% | -12.7% |
| 2025 | +73.5% | +5.7% |
| 2026 | +34.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.35, GSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GSL and VXZ?
As of 2026-08-27, the correlation of weekly returns between GSL and VXZ is -0.35 over 3 years, -0.13 over 1 year and -0.32 over 5 years.
Is VXZ a good diversifier for GSL?
Yes. With a correlation of -0.35, GSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.35 mean?
A reading of -0.35 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/gsl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSL correlations · VXZ correlations
