DJP vs FXNC: Correlation
Measured on weekly returns over the past three years, iPath Bloomberg Commodity Index Total Return ETN (DJP) and First National Corporation (FXNC) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and FXNC?
On 3 years of weekly data the DJP/FXNC correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.41) than the 3-year average (-0.22). The 5-year figure is 0.01, and annualized covariance runs at -98.3 %².
By 3-year correlation, FXNC places #15 of the 42 assets tracked against DJP. Over the last 12 months DJP came out ahead by 13.3 percentage points (+49.2% against +35.9%). Note the risk asymmetry: FXNC runs 1.7 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.
DJP vs FXNC: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | FXNC (First National Corporation) | |
|---|---|---|
| 1-year return | +49.2% | +35.9% |
| 5-year return | +82.1% | +71.2% |
| Volatility (ann.) | 16.3% | 27.4% |
| Beta vs S&P 500 | 0.11 | 0.50 |
| Max drawdown (3Y) | -16.4% | -31.6% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 12.9 |
| Dividend yield | – | 2.15% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | FXNC |
|---|---|---|
| 2022 | +17.5% | -23.3% |
| 2023 | -9.8% | +31.5% |
| 2024 | +5.6% | +9.3% |
| 2025 | +17.2% | +12.7% |
| 2026 | +34.7% | +24.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and FXNC good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DJP and FXNC?
The DJP/FXNC correlation stands at -0.22 on a 3-year window (1 year: -0.41, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is FXNC a good diversifier for DJP?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/djp-vs-fxnc.json
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Related comparisons
Hubs: DJP correlations · FXNC correlations
