GTLB vs VXZ: Correlation
GitLab Inc. (GTLB) 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 -0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTLB and VXZ?
On 3 years of weekly data the GTLB/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. The 5-year figure is -0.33, and annualized covariance runs at -447.2 %².
Among the 19 assets we track against GTLB, VXZ sits near the bottom by co-movement, at rank #18. The trailing year gives GTLB the advantage: -5.2% versus -16.1%, a 10.9-point spread. One caveat on sizing: GTLB is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GTLB vs VXZ: side by side
| GTLB (GitLab Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.2% | -16.1% |
| 5-year return | -56.9% | -53.1% |
| Volatility (ann.) | 52.0% | 25.6% |
| Beta vs S&P 500 | 1.49 | -1.31 |
| Max drawdown (3Y) | -75.0% | -36.4% |
| Market cap | $7.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTLB | VXZ |
|---|---|---|
| 2022 | -47.8% | +0.5% |
| 2023 | +38.6% | -44.0% |
| 2024 | -10.5% | -12.7% |
| 2025 | -33.4% | +5.7% |
| 2026 | +19.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTLB and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GTLB and VXZ?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.37 over the last year and -0.33 over 5 years.
Is VXZ a good diversifier for GTLB?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 mean?
A reading of -0.34 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/gtlb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtlb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GTLB correlations · VXZ correlations
