FBIO vs VXX: Correlation
Measured on weekly returns over the past three years, Fortress Biotech, Inc. (FBIO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIO and VXX?
Across a 3-year window, the weekly returns of FBIO and VXX correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.27). Stretching to 5 years gives -0.26, with an annualized covariance of -1557.4 %².
VXX is close to the least connected end of FBIO's tracked universe, ranking #11 of 12. Their recent paths diverged sharply: over the last 12 months FBIO outperformed by 69.4 percentage points (+19.7% for FBIO against -49.7% for VXX). One caveat on sizing: FBIO is 1.5 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.
FBIO vs VXX: side by side
| FBIO (Fortress Biotech, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.7% | -49.7% |
| 5-year return | -94.3% | -95.6% |
| Volatility (ann.) | 94.3% | 60.9% |
| Beta vs S&P 500 | 1.35 | -3.31 |
| Max drawdown (3Y) | -78.2% | -83.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIO | VXX |
|---|---|---|
| 2022 | -73.6% | -23.8% |
| 2023 | -69.6% | -72.5% |
| 2024 | -32.6% | -26.2% |
| 2025 | +80.3% | -42.2% |
| 2026 | -23.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIO and VXX good diversifiers for each other?
Yes. With a correlation of -0.27, FBIO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FBIO and VXX?
As of 2026-08-27, the correlation of weekly returns between FBIO and VXX is -0.27 over 3 years, -0.16 over 1 year and -0.26 over 5 years.
Is VXX a good diversifier for FBIO?
Yes. With a correlation of -0.27, FBIO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 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/fbio-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fbio-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBIO correlations · VXX correlations
