TGLS vs VXZ: Correlation
How closely do Tecnoglass Holdings Inc. (TGLS) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TGLS and VXZ?
Across a 3-year window, the weekly returns of TGLS and VXZ correlate at -0.42, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.42). Stretching to 5 years gives -0.27, with an annualized covariance of -451.8 %².
Among the 10 assets we track against TGLS, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: VXZ led by 28.3 percentage points, -44.4% for TGLS against -16.1% for VXZ. Risk is not evenly split, since TGLS carries 1.6 times the volatility of the other side.
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.
TGLS vs VXZ: side by side
| TGLS (Tecnoglass Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.4% | -16.1% |
| 5-year return | +85.6% | -53.1% |
| Volatility (ann.) | 41.6% | 25.6% |
| Beta vs S&P 500 | 1.28 | -1.31 |
| Max drawdown (3Y) | -56.8% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 1.47% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TGLS | VXZ |
|---|---|---|
| 2022 | +18.9% | +0.5% |
| 2023 | +49.9% | -44.0% |
| 2024 | +74.9% | -12.7% |
| 2025 | -36.3% | +5.7% |
| 2026 | -19.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TGLS and VXZ good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TGLS and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.27 over the last year and -0.27 over 5 years.
Is VXZ a good diversifier for TGLS?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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/tgls-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tgls-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TGLS correlations · VXZ correlations
