FET vs VXZ: Correlation
Measured on weekly returns over the past three years, Forum Energy Technologies, Inc. (FET) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and VXZ?
On 3 years of weekly data the FET/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.02 versus -0.31 over 3 years. The 5-year figure is -0.29, and annualized covariance runs at -386.9 %².
Out of 12 assets tracked against FET, VXZ lands near the bottom at #11. The last year tells two different stories: FET led by 228.8 percentage points, +212.7% for FET against -16.1% for VXZ. One caveat on sizing: FET is 1.9 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.
FET vs VXZ: side by side
| FET (Forum Energy Technologies, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +212.7% | -16.1% |
| 5-year return | +307.0% | -53.1% |
| Volatility (ann.) | 49.1% | 25.6% |
| Beta vs S&P 500 | 0.80 | -1.31 |
| Max drawdown (3Y) | -47.1% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | VXZ |
|---|---|---|
| 2022 | +83.8% | +0.5% |
| 2023 | -24.8% | -44.0% |
| 2024 | -30.1% | -12.7% |
| 2025 | +138.5% | +5.7% |
| 2026 | +115.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FET and VXZ?
As of 2026-08-27, the correlation of weekly returns between FET and VXZ is -0.31 over 3 years, -0.02 over 1 year and -0.29 over 5 years.
Is VXZ a good diversifier for FET?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/fet-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fet-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FET correlations · VXZ correlations
