GUG vs VXZ: Correlation
Measured on weekly returns over the past three years, Guggenheim Active Allocation Fund (GUG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GUG and VXZ?
Across a 3-year window, the weekly returns of GUG and VXZ correlate at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. Stretching to 5 years gives -0.43, with an annualized covariance of -160.7 %².
Out of 12 assets tracked against GUG, VXZ lands near the bottom at #12. The last year tells two different stories: GUG led by 21.5 percentage points, +5.4% for GUG against -16.1% for VXZ. One caveat on sizing: VXZ 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.
GUG vs VXZ: side by side
| GUG (Guggenheim Active Allocation Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.4% | -16.1% |
| 5-year return | +16.3% | -53.1% |
| Volatility (ann.) | 12.9% | 25.6% |
| Beta vs S&P 500 | 0.40 | -1.31 |
| Max drawdown (3Y) | -12.1% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GUG | VXZ |
|---|---|---|
| 2022 | -26.5% | +0.5% |
| 2023 | +20.7% | -44.0% |
| 2024 | +11.5% | -12.7% |
| 2025 | +13.1% | +5.7% |
| 2026 | +4.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GUG and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GUG and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.40 over the last year and -0.43 over 5 years.
Is VXZ a good diversifier for GUG?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gug-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gug-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GUG correlations · VXZ correlations
