FDX vs VXX: Correlation
FedEx (FDX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and VXX?
Over the past 3 years, FDX and VXX moved with a correlation of -0.43, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.43 over 3. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -811.8 %².
Among the 36 assets we track against FDX, VXX sits near the bottom by co-movement, at rank #35. Correlation aside, the last 12 months split them widely, with FDX ahead by 130.3 points (+80.6% versus -49.7%). Note the risk asymmetry: VXX runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXX: side by side
| FDX (FedEx) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +80.6% | -49.7% |
| 5-year return | +71.0% | -95.6% |
| Volatility (ann.) | 30.7% | 60.9% |
| Beta vs S&P 500 | 0.89 | -3.31 |
| Max drawdown (3Y) | -35.9% | -83.3% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | VXX |
|---|---|---|
| 2022 | -31.6% | -23.8% |
| 2023 | +49.1% | -72.5% |
| 2024 | +13.5% | -26.2% |
| 2025 | +5.1% | -42.2% |
| 2026 | +43.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and VXX good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FDX and VXX?
Using weekly returns as of 2026-08-27: -0.43 over 3 years, with -0.42 over the last year and -0.37 over 5 years.
Is VXX a good diversifier for FDX?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/fdx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fdx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FDX correlations · VXX correlations
