GTES vs VXX: Correlation
How closely do Gates Industrial Corporation Ltd. (GTES) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and VXX?
Across a 3-year window, the weekly returns of GTES and VXX correlate at -0.47, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.35 versus -0.47 over 3 years. Stretching to 5 years gives -0.40, with an annualized covariance of -1000.2 %².
Out of 22 assets tracked against GTES, VXX lands near the bottom at #22. Their recent paths diverged sharply: over the last 12 months GTES outperformed by 51.2 percentage points (+1.5% for GTES against -49.7% for VXX). Risk is not evenly split, since VXX carries 1.7 times the volatility of the other side.
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.
GTES vs VXX: side by side
| GTES (Gates Industrial Corporation Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.5% | -49.7% |
| 5-year return | +56.6% | -95.6% |
| Volatility (ann.) | 35.0% | 60.9% |
| Beta vs S&P 500 | 1.27 | -3.31 |
| Max drawdown (3Y) | -33.8% | -83.3% |
| Market cap | $6.7B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTES | VXX |
|---|---|---|
| 2022 | -28.3% | -23.8% |
| 2023 | +17.6% | -72.5% |
| 2024 | +53.3% | -26.2% |
| 2025 | +4.4% | -42.2% |
| 2026 | +22.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and VXX good diversifiers for each other?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GTES and VXX?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.35 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for GTES?
Yes: at -0.47, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.47 mean?
A reading of -0.47 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/gtes-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTES correlations · VXX correlations
