FBIZ vs VXX: Correlation
First Business Financial Services, Inc. (FBIZ) 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 -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIZ and VXX?
Over the past 3 years, FBIZ and VXX moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -777.3 %².
Out of 13 assets tracked against FBIZ, VXX lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with FBIZ ahead by 87.7 points (+38.0% versus -49.7%). One caveat on sizing: VXX is 2.0 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.
FBIZ vs VXX: side by side
| FBIZ (First Business Financial Services, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.0% | -49.7% |
| 5-year return | +187.1% | -95.6% |
| Volatility (ann.) | 30.0% | 60.9% |
| Beta vs S&P 500 | 0.79 | -3.31 |
| Max drawdown (3Y) | -20.8% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIZ | VXX |
|---|---|---|
| 2022 | +28.2% | -23.8% |
| 2023 | +12.9% | -72.5% |
| 2024 | +18.4% | -26.2% |
| 2025 | +20.1% | -42.2% |
| 2026 | +32.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIZ and VXX good diversifiers for each other?
Yes. With a correlation of -0.43, FBIZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FBIZ and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.33 over the last year and -0.35 over 5 years.
Is VXX a good diversifier for FBIZ?
Yes. With a correlation of -0.43, FBIZ and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/fbiz-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fbiz-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FBIZ correlations · VXX correlations
