GVA vs VXZ: Correlation
Granite Construction Incorporated (GVA) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and VXZ?
Across a 3-year window, the weekly returns of GVA and VXZ correlate at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.29) runs above the 3-year figure (-0.45). Stretching to 5 years gives -0.46, with an annualized covariance of -406.8 %².
Among the 14 assets we track against GVA, VXZ sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with GVA ahead by 30.0 points (+13.9% versus -16.1%).
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 VXZ: side by side
| GVA (Granite Construction Incorporated) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.9% | -16.1% |
| 5-year return | +219.9% | -53.1% |
| Volatility (ann.) | 35.5% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -29.1% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.42% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GVA | VXZ |
|---|---|---|
| 2022 | -7.8% | +0.5% |
| 2023 | +46.8% | -44.0% |
| 2024 | +73.8% | -12.7% |
| 2025 | +32.2% | +5.7% |
| 2026 | +8.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
FAQ
What is the correlation between GVA and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.29 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for GVA?
By historical standards, yes. A correlation of -0.45 means the two rarely move for the same reasons.
What does a correlation of -0.45 mean?
A reading of -0.45 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gva-vs-vxz/)
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Related comparisons
Hubs: GVA correlations · VXZ correlations
