The Earth's climate is changing rapidly and unexpectedly, causing more frequent, longer and more severe droughts, with lasting impacts on plants, ecosystems, communities and people. Consequently, this is leading to an increased importance of monitoring the climate and water storage trends in different regions. This information on a global scale is already commonly derived using satellite-based geodetic techniques such as the Global Positioning System (GPS) and the Gravity Recovery and Climate Experiment (GRACE). The use of both techniques has significant advantages, especially in regions where changes in the hydrosphere are notable, such as the Amazon basin, where 25 GPS stations were lately classified as benchmarks for hydrogeodesy. We show that the vertical displacements obtained from GPS and GRACE have good spatio-temporal agreement with the Standardized Precipitation and Standardized Precipitation Evapotranspiration indices, abbreviated respectively as SPI and SPEI, for all these stations. Drought severity index (DSI) estimated separately from GPS-observed and GRACE-derived vertical displacements on a station-by-station basis is capable to identify dry and wet events previously reported for the Amazon basin. However, due to the weaknesses of both techniques, such as technique-related systematic errors or coarse spatial resolution, a few extreme hydrological events may not be properly captured by GPS-DSI and/or GRACE-DSI. To take full advantage of both techniques and overcome their weaknesses, we introduce a completely new methodology to combine individual GPS-DSI and GRACE-DSI indices. As a novelty, both indices are estimated using short-term changes (<9 months) of monthly vertical displacements observed by GPS permanent stations and those derived by GRACE for GPS locations. Then, to capture and detect drought events that either both geodetic techniques metrics missed or incorrectly depicted, the Multivariate Drought Severity Index (MDSI) is estimated through the concept of Frank copulas. We demonstrate that the MDSI captures more hydroclimatic events reported in previous studies, which are not identified by individual series of GPS-DSI or GRACE-DSI indices, and is temporally consistent with Standardized Streamflow Index (SSI) based on the in-situ river discharge changes.