FDX vs VELO: Correlation
Measured on weekly returns over the past three years, FedEx (FDX) and Velo3D, Inc. (VELO) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and VELO?
On 3 years of weekly data the FDX/VELO correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.13) runs above the 3-year figure (-0.21). The 5-year figure is -0.12, and annualized covariance runs at -1616.4 %².
VELO is close to the least connected end of FDX's tracked universe, ranking #34 of 36. The last year tells two different stories: VELO led by 101.3 percentage points, +80.6% for FDX against +181.9% for VELO. Risk is not evenly split, since VELO carries 8.1 times the volatility of the other side.
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.
FDX vs VELO: side by side
| FDX (FedEx) | VELO (Velo3D, Inc.) | |
|---|---|---|
| 1-year return | +80.6% | +181.9% |
| 5-year return | +71.0% | -99.8% |
| Volatility (ann.) | 30.7% | 249.0% |
| Beta vs S&P 500 | 0.89 | -2.66 |
| Max drawdown (3Y) | -35.9% | -99.8% |
| Market cap | $78.4B | $0.4B |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | VELO |
|---|---|---|
| 2022 | -31.6% | -77.1% |
| 2023 | +49.1% | -77.8% |
| 2024 | +13.5% | -95.2% |
| 2025 | +5.1% | +35.7% |
| 2026 | +43.5% | -6.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and VELO good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FDX and VELO?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with 0.13 over the last year and -0.12 over 5 years.
Is VELO a good diversifier for FDX?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 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/fdx-vs-velo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fdx-vs-velo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FDX correlations · VELO correlations
