GYRE vs VXZ: Correlation
Gyre Therapeutics, Inc. (GYRE) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GYRE and VXZ?
Over the past 3 years, GYRE and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -625.4 %².
Out of 11 assets tracked against GYRE, VXZ lands near the bottom at #10. Their 12-month results are close: -17.6% for GYRE against -16.1% for VXZ. Note the risk asymmetry: GYRE runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GYRE vs VXZ: side by side
| GYRE (Gyre Therapeutics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -17.6% | -16.1% |
| 5-year return | -38.8% | -53.1% |
| Volatility (ann.) | 93.7% | 25.6% |
| Beta vs S&P 500 | 1.58 | -1.31 |
| Max drawdown (3Y) | -81.3% | -36.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GYRE | VXZ |
|---|---|---|
| 2022 | +121.5% | +0.5% |
| 2023 | +422.0% | -44.0% |
| 2024 | -52.9% | -12.7% |
| 2025 | -41.7% | +5.7% |
| 2026 | -5.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GYRE and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, GYRE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GYRE and VXZ?
As of 2026-08-27, the correlation of weekly returns between GYRE and VXZ is -0.26 over 3 years, -0.28 over 1 year and -0.17 over 5 years.
Is VXZ a good diversifier for GYRE?
Yes. With a correlation of -0.26, GYRE and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 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/gyre-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gyre-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GYRE correlations · VXZ correlations
