FCX vs VXZ: Correlation
Measured on weekly returns over the past three years, Freeport-McMoRan (FCX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and VXZ?
Across a 3-year window, the weekly returns of FCX and VXZ correlate at -0.39, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.32 lands near the 3-year figure. Stretching to 5 years gives -0.42, with an annualized covariance of -425.7 %².
Among the 34 assets we track against FCX, VXZ sits near the bottom by co-movement, at rank #32. Their recent paths diverged sharply: over the last 12 months FCX outperformed by 96.8 percentage points (+80.7% for FCX against -16.1% for VXZ). One caveat on sizing: FCX is 1.7 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.
FCX vs VXZ: side by side
| FCX (Freeport-McMoRan) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +80.7% | -16.1% |
| 5-year return | +129.3% | -53.1% |
| Volatility (ann.) | 43.2% | 25.6% |
| Beta vs S&P 500 | 1.55 | -1.31 |
| Max drawdown (3Y) | -46.3% | -36.4% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 0.76% | – |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | FCX | VXZ |
|---|---|---|
| 2022 | -7.3% | +0.5% |
| 2023 | +13.7% | -44.0% |
| 2024 | -9.4% | -12.7% |
| 2025 | +35.4% | +5.7% |
| 2026 | +55.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and VXZ good diversifiers for each other?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FCX and VXZ?
Using weekly returns as of 2026-08-27: -0.39 over 3 years, with -0.32 over the last year and -0.42 over 5 years.
Is VXZ a good diversifier for FCX?
Yes: at -0.39, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/fcx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCX correlations · VXZ correlations
