GTN vs VXX: Correlation
Gray Media, Inc. (GTN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTN and VXX?
Across a 3-year window, the weekly returns of GTN and VXX correlate at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.16) sits close to the 3-year figure. Stretching to 5 years gives -0.21, with an annualized covariance of -898.8 %².
Among the 14 assets we track against GTN, VXX sits near the bottom by co-movement, at rank #12. The last year tells two different stories: GTN led by 31.7 percentage points, -18.0% for GTN against -49.7% for VXX.
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.
GTN vs VXX: side by side
| GTN (Gray Media, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -18.0% | -49.7% |
| 5-year return | -73.2% | -95.6% |
| Volatility (ann.) | 68.6% | 60.9% |
| Beta vs S&P 500 | 0.76 | -3.31 |
| Max drawdown (3Y) | -68.1% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTN | VXX |
|---|---|---|
| 2022 | -43.4% | -23.8% |
| 2023 | -16.7% | -72.5% |
| 2024 | -62.4% | -26.2% |
| 2025 | +64.6% | -42.2% |
| 2026 | +2.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTN and VXX good diversifiers for each other?
Yes. With a correlation of -0.22, GTN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GTN and VXX?
As of 2026-08-27, the correlation of weekly returns between GTN and VXX is -0.22 over 3 years, -0.16 over 1 year and -0.21 over 5 years.
Is VXX a good diversifier for GTN?
Yes. With a correlation of -0.22, GTN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/gtn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GTN correlations · VXX correlations
