FFBC vs VXZ: Correlation
First Financial Bancorp. (FFBC) 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 -0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFBC and VXZ?
On 3 years of weekly data the FFBC/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.28) runs above the 3-year figure (-0.49). The 5-year figure is -0.48, and annualized covariance runs at -351.6 %².
VXZ is close to the least connected end of FFBC's tracked universe, ranking #31 of 31. Their recent paths diverged sharply: over the last 12 months FFBC outperformed by 42.8 percentage points (+26.7% for FFBC against -16.1% for VXZ).
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.
FFBC vs VXZ: side by side
| FFBC (First Financial Bancorp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.7% | -16.1% |
| 5-year return | +69.6% | -53.1% |
| Volatility (ann.) | 28.0% | 25.6% |
| Beta vs S&P 500 | 0.81 | -1.31 |
| Max drawdown (3Y) | -26.1% | -36.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 3.05% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FFBC | VXZ |
|---|---|---|
| 2022 | +3.4% | +0.5% |
| 2023 | +2.4% | -44.0% |
| 2024 | +17.6% | -12.7% |
| 2025 | -3.3% | +5.7% |
| 2026 | +33.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFBC and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FFBC and VXZ?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.28 over the last year and -0.48 over 5 years.
Is VXZ a good diversifier for FFBC?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.49 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/ffbc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ffbc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FFBC correlations · VXZ correlations
