FCF vs VXX: Correlation
Measured on weekly returns over the past three years, First Commonwealth Financial Corporation (FCF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.46, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCF and VXX?
On 3 years of weekly data the FCF/VXX correlation comes out at -0.46, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.24) than the 3-year average (-0.46). The 5-year figure is -0.42, and annualized covariance runs at -750.9 %².
VXX is close to the least connected end of FCF's tracked universe, ranking #63 of 64. The last year tells two different stories: FCF led by 70.0 percentage points, +20.3% for FCF against -49.7% for VXX. One caveat on sizing: VXX is 2.3 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.
FCF vs VXX: side by side
| FCF (First Commonwealth Financial Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +20.3% | -49.7% |
| 5-year return | +83.7% | -95.6% |
| Volatility (ann.) | 26.9% | 60.9% |
| Beta vs S&P 500 | 0.72 | -3.31 |
| Max drawdown (3Y) | -26.9% | -83.3% |
| Market cap | $2.1B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.64% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCF | VXX |
|---|---|---|
| 2022 | -10.3% | -23.8% |
| 2023 | +14.8% | -72.5% |
| 2024 | +13.4% | -26.2% |
| 2025 | +3.0% | -42.2% |
| 2026 | +26.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCF and VXX good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCF and VXX?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.24 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for FCF?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
On the −1 to +1 scale, -0.46 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/fcf-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcf-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FCF correlations · VXX correlations
