GSM vs VXZ: Correlation
Ferroglobe PLC (GSM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSM and VXZ?
Across a 3-year window, the weekly returns of GSM and VXZ correlate at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.21 over 1 year against -0.23 over 3. Stretching to 5 years gives -0.25, with an annualized covariance of -303.4 %².
Out of 13 assets tracked against GSM, VXZ lands near the bottom at #12. Over the last 12 months GSM came out ahead by 12.8 percentage points (-3.3% against -16.1%). Note the risk asymmetry: GSM runs 2.1 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.
GSM vs VXZ: side by side
| GSM (Ferroglobe PLC) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.3% | -16.1% |
| 5-year return | -45.4% | -53.1% |
| Volatility (ann.) | 52.6% | 25.6% |
| Beta vs S&P 500 | 1.11 | -1.31 |
| Max drawdown (3Y) | -53.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.43% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSM | VXZ |
|---|---|---|
| 2022 | -38.0% | +0.5% |
| 2023 | +69.1% | -44.0% |
| 2024 | -40.9% | -12.7% |
| 2025 | +23.7% | +5.7% |
| 2026 | -12.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSM and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, GSM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GSM and VXZ?
The GSM/VXZ correlation stands at -0.23 on a 3-year window (1 year: -0.21, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GSM?
Yes. With a correlation of -0.23, GSM and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/gsm-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gsm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GSM correlations · VXZ correlations
