GTX vs VXZ: Correlation
Measured on weekly returns over the past three years, Garrett Motion Inc. (GTX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTX and VXZ?
Over the past 3 years, GTX and VXZ moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.23 over 1 year against -0.23 over 3. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -252.7 %².
VXZ is close to the least connected end of GTX's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months GTX outperformed by 127.7 percentage points (+111.6% for GTX against -16.1% for VXZ). Risk is not evenly split, since GTX 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.
GTX vs VXZ: side by side
| GTX (Garrett Motion Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +111.6% | -16.1% |
| 5-year return | +313.6% | -53.1% |
| Volatility (ann.) | 43.0% | 25.6% |
| Beta vs S&P 500 | 1.04 | -1.31 |
| Max drawdown (3Y) | -28.7% | -36.4% |
| Market cap | $5.1B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 1.11% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTX | VXZ |
|---|---|---|
| 2022 | -5.1% | +0.5% |
| 2023 | +26.9% | -44.0% |
| 2024 | -6.6% | -12.7% |
| 2025 | +97.2% | +5.7% |
| 2026 | +58.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.23, GTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GTX and VXZ?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.23 over the last year and -0.26 over 5 years.
Is VXZ a good diversifier for GTX?
Yes. With a correlation of -0.23, GTX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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/gtx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gtx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GTX correlations · VXZ correlations
