GVA vs VXX: Correlation
Granite Construction Incorporated (GVA) 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 -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and VXX?
Across a 3-year window, the weekly returns of GVA and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.41). Stretching to 5 years gives -0.42, with an annualized covariance of -882.2 %².
Out of 14 assets tracked against GVA, VXX lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with GVA ahead by 63.6 points (+13.9% versus -49.7%). One caveat on sizing: VXX is 1.7 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.
GVA vs VXX: side by side
| GVA (Granite Construction Incorporated) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.9% | -49.7% |
| 5-year return | +219.9% | -95.6% |
| Volatility (ann.) | 35.5% | 60.9% |
| Beta vs S&P 500 | 1.13 | -3.31 |
| Max drawdown (3Y) | -29.1% | -83.3% |
| Market cap | $5.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GVA | VXX |
|---|---|---|
| 2022 | -7.8% | -23.8% |
| 2023 | +46.8% | -72.5% |
| 2024 | +73.8% | -26.2% |
| 2025 | +32.2% | -42.2% |
| 2026 | +8.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GVA and VXX?
As of 2026-08-27, the correlation of weekly returns between GVA and VXX is -0.41 over 3 years, -0.20 over 1 year and -0.42 over 5 years.
Is VXX a good diversifier for GVA?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
A reading of -0.41 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/gva-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gva-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GVA correlations · VXX correlations
