VGI vs VXX: Correlation
Virtus Global Multi-Sector Income Fund (VGI) 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 -0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are VGI and VXX?
Across a 3-year window, the weekly returns of VGI and VXX correlate at -0.48, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.61) than the 3-year average (-0.48). Stretching to 5 years gives -0.46, with an annualized covariance of -297.2 %².
VXX is close to the least connected end of VGI's tracked universe, ranking #41 of 42. The last year tells two different stories: VGI led by 53.5 percentage points, +3.8% for VGI against -49.7% for VXX. One caveat on sizing: VXX is 5.9 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.
VGI vs VXX: side by side
| VGI (Virtus Global Multi-Sector Income Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.8% | -49.7% |
| 5-year return | +11.9% | -95.6% |
| Volatility (ann.) | 10.3% | 60.9% |
| Beta vs S&P 500 | 0.38 | -3.31 |
| Max drawdown (3Y) | -11.3% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | VGI | VXX |
|---|---|---|
| 2022 | -22.3% | -23.8% |
| 2023 | +13.4% | -72.5% |
| 2024 | +10.4% | -26.2% |
| 2025 | +16.1% | -42.2% |
| 2026 | +1.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are VGI and VXX good diversifiers for each other?
Yes. With a correlation of -0.48, VGI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between VGI and VXX?
The VGI/VXX correlation stands at -0.48 on a 3-year window (1 year: -0.61, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for VGI?
Yes. With a correlation of -0.48, VGI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.48 mean?
On the −1 to +1 scale, -0.48 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/vgi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/vgi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: VGI correlations · VXX correlations
