FCNCA vs VXZ: Correlation
First Citizens BancShares, Inc. (FCNCA) 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 -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCNCA and VXZ?
Over the past 3 years, FCNCA and VXZ moved with a correlation of -0.53, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.32) runs above the 3-year figure (-0.53). Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -404.2 %².
VXZ is close to the least connected end of FCNCA's tracked universe, ranking #11 of 11. Correlation aside, the last 12 months split them widely, with FCNCA ahead by 22.8 points (+6.7% versus -16.1%).
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.
FCNCA vs VXZ: side by side
| FCNCA (First Citizens BancShares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +6.7% | -16.1% |
| 5-year return | +146.7% | -53.1% |
| Volatility (ann.) | 29.7% | 25.6% |
| Beta vs S&P 500 | 0.95 | -1.31 |
| Max drawdown (3Y) | -33.5% | -36.4% |
| Market cap | $24.4B | – |
| P/E (trailing) | 11.7 | – |
| Dividend yield | 0.38% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCNCA | VXZ |
|---|---|---|
| 2022 | -8.4% | +0.5% |
| 2023 | +87.7% | -44.0% |
| 2024 | +49.5% | -12.7% |
| 2025 | +2.0% | +5.7% |
| 2026 | +0.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCNCA and VXZ good diversifiers for each other?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCNCA and VXZ?
As of 2026-08-27, the correlation of weekly returns between FCNCA and VXZ is -0.53 over 3 years, -0.32 over 1 year and -0.40 over 5 years.
Is VXZ a good diversifier for FCNCA?
Yes: at -0.53, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.53 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/fcnca-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcnca-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCNCA correlations · VXZ correlations
