FBIZ vs VXZ: Correlation
Measured on weekly returns over the past three years, First Business Financial Services, Inc. (FBIZ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.44, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FBIZ and VXZ?
Across a 3-year window, the weekly returns of FBIZ and VXZ correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.46 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.40, with an annualized covariance of -336.3 %².
Out of 13 assets tracked against FBIZ, VXZ lands near the bottom at #13. The last year tells two different stories: FBIZ led by 54.1 percentage points, +38.0% for FBIZ against -16.1% for VXZ.
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 VXZ: side by side
| FBIZ (First Business Financial Services, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +38.0% | -16.1% |
| 5-year return | +187.1% | -53.1% |
| Volatility (ann.) | 30.0% | 25.6% |
| Beta vs S&P 500 | 0.79 | -1.31 |
| Max drawdown (3Y) | -20.8% | -36.4% |
| Market cap | $0.6B | – |
| P/E (trailing) | 10.6 | – |
| Dividend yield | 1.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FBIZ | VXZ |
|---|---|---|
| 2022 | +28.2% | +0.5% |
| 2023 | +12.9% | -44.0% |
| 2024 | +18.4% | -12.7% |
| 2025 | +20.1% | +5.7% |
| 2026 | +32.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FBIZ and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, FBIZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FBIZ and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.46 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for FBIZ?
Yes. With a correlation of -0.44, FBIZ and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fbiz-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FBIZ correlations · VXZ correlations
