FDX vs VXZ: Correlation
FedEx (FDX) 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 -0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and VXZ?
Across a 3-year window, the weekly returns of FDX and VXZ correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.38, with an annualized covariance of -344.6 %².
VXZ is close to the least connected end of FDX's tracked universe, ranking #36 of 36. Correlation aside, the last 12 months split them widely, with FDX ahead by 96.7 points (+80.6% 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.
FDX vs VXZ: side by side
| FDX (FedEx) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +80.6% | -16.1% |
| 5-year return | +71.0% | -53.1% |
| Volatility (ann.) | 30.7% | 25.6% |
| Beta vs S&P 500 | 0.89 | -1.31 |
| Max drawdown (3Y) | -35.9% | -36.4% |
| Market cap | $78.4B | – |
| P/E (trailing) | 18.1 | – |
| Dividend yield | 1.66% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | FDX | VXZ |
|---|---|---|
| 2022 | -31.6% | +0.5% |
| 2023 | +49.1% | -44.0% |
| 2024 | +13.5% | -12.7% |
| 2025 | +5.1% | +5.7% |
| 2026 | +43.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and VXZ good diversifiers for each other?
Yes. With a correlation of -0.44, FDX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FDX and VXZ?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.34 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for FDX?
Yes. With a correlation of -0.44, FDX and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fdx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FDX correlations · VXZ correlations
