FG vs VXZ: Correlation
How closely do F&G Annuities & Life, Inc. (FG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.38, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FG and VXZ?
On 3 years of weekly data the FG/VXZ correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.05) than the 3-year average (-0.38). The 5-year figure is -0.36, and annualized covariance runs at -405.8 %².
Out of 13 assets tracked against FG, VXZ lands near the bottom at #13. On 12-month performance VXZ holds a 13.6-point edge, -29.7% against -16.1%. One caveat on sizing: FG is 1.6 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.
FG vs VXZ: side by side
| FG (F&G Annuities & Life, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.7% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 42.0% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -56.2% | -36.4% |
| Market cap | $3.1B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 4.27% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FG | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +137.1% | -44.0% |
| 2024 | -8.0% | -12.7% |
| 2025 | -23.6% | +5.7% |
| 2026 | -22.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FG and VXZ?
The FG/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.05, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FG?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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/fg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FG correlations · VXZ correlations
