FBIO vs VXZ: Correlation
Fortress Biotech, Inc. (FBIO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIO and VXZ?
Over the past 3 years, FBIO and VXZ moved with a correlation of -0.28, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.12) than the 3-year average (-0.28). Over 5 years the correlation is -0.29, and the annualized covariance of weekly returns is -664.0 %².
VXZ is close to the least connected end of FBIO's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with FBIO ahead by 35.8 points (+19.7% versus -16.1%). One caveat on sizing: FBIO is 3.7 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 VXZ: side by side
| FBIO (Fortress Biotech, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.7% | -16.1% |
| 5-year return | -94.3% | -53.1% |
| Volatility (ann.) | 94.3% | 25.6% |
| Beta vs S&P 500 | 1.35 | -1.31 |
| Max drawdown (3Y) | -78.2% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 1.0 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIO | VXZ |
|---|---|---|
| 2022 | -73.6% | +0.5% |
| 2023 | -69.6% | -44.0% |
| 2024 | -32.6% | -12.7% |
| 2025 | +80.3% | +5.7% |
| 2026 | -23.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FBIO and VXZ?
The FBIO/VXZ correlation stands at -0.28 on a 3-year window (1 year: -0.12, 5 years: -0.29), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FBIO?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/fbio-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fbio-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FBIO correlations · VXZ correlations
