GTES vs VXZ: Correlation
Gates Industrial Corporation Ltd. (GTES) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTES and VXZ?
Across a 3-year window, the weekly returns of GTES and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.45 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -403.2 %².
VXZ is close to the least connected end of GTES's tracked universe, ranking #21 of 22. Correlation aside, the last 12 months split them widely, with GTES ahead by 17.6 points (+1.5% 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.
GTES vs VXZ: side by side
| GTES (Gates Industrial Corporation Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +1.5% | -16.1% |
| 5-year return | +56.6% | -53.1% |
| Volatility (ann.) | 35.0% | 25.6% |
| Beta vs S&P 500 | 1.27 | -1.31 |
| Max drawdown (3Y) | -33.8% | -36.4% |
| Market cap | $6.7B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTES | VXZ |
|---|---|---|
| 2022 | -28.3% | +0.5% |
| 2023 | +17.6% | -44.0% |
| 2024 | +53.3% | -12.7% |
| 2025 | +4.4% | +5.7% |
| 2026 | +22.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTES and VXZ good diversifiers for each other?
Yes. With a correlation of -0.45, GTES and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GTES and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.39 over the last year and -0.44 over 5 years.
Is VXZ a good diversifier for GTES?
Yes. With a correlation of -0.45, GTES and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/gtes-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtes-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GTES correlations · VXZ correlations
