GXO vs VXZ: Correlation
How closely do GXO Logistics, Inc. (GXO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and VXZ?
On 3 years of weekly data the GXO/VXZ correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.52) sits close to the 3-year figure. The 5-year figure is -0.48, and annualized covariance runs at -437.4 %².
VXZ is close to the least connected end of GXO's tracked universe, ranking #16 of 16. On 12-month performance GXO holds a 6.0-point edge, -10.1% against -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.
GXO vs VXZ: side by side
| GXO (GXO Logistics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.1% | -16.1% |
| 5-year return | -43.5% | -53.1% |
| Volatility (ann.) | 37.5% | 25.6% |
| Beta vs S&P 500 | 1.06 | -1.31 |
| Max drawdown (3Y) | -51.6% | -36.4% |
| Market cap | $5.5B | – |
| P/E (trailing) | 42.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GXO | VXZ |
|---|---|---|
| 2022 | -53.0% | +0.5% |
| 2023 | +43.3% | -44.0% |
| 2024 | -28.9% | -12.7% |
| 2025 | +21.0% | +5.7% |
| 2026 | -8.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GXO and VXZ good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GXO and VXZ?
The GXO/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.52, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for GXO?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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/gxo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gxo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GXO correlations · VXZ correlations
