FGBI vs VXZ: Correlation
Measured on weekly returns over the past three years, First Guaranty Bancshares, Inc. (FGBI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FGBI and VXZ?
Across a 3-year window, the weekly returns of FGBI and VXZ correlate at -0.19, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.22) sits close to the 3-year figure. Stretching to 5 years gives -0.20, with an annualized covariance of -251.8 %².
Among the 11 assets we track against FGBI, VXZ sits near the bottom by co-movement, at rank #10. The last year tells two different stories: FGBI led by 18.8 percentage points, +2.7% for FGBI against -16.1% for VXZ. One caveat on sizing: FGBI is 2.1 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.
FGBI vs VXZ: side by side
| FGBI (First Guaranty Bancshares, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +2.7% | -16.1% |
| 5-year return | -46.6% | -53.1% |
| Volatility (ann.) | 52.8% | 25.6% |
| Beta vs S&P 500 | 0.28 | -1.31 |
| Max drawdown (3Y) | -70.0% | -36.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.49% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FGBI | VXZ |
|---|---|---|
| 2022 | +18.2% | +0.5% |
| 2023 | -50.2% | -44.0% |
| 2024 | +6.6% | -12.7% |
| 2025 | -52.5% | +5.7% |
| 2026 | +51.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FGBI and VXZ good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FGBI and VXZ?
The FGBI/VXZ correlation stands at -0.19 on a 3-year window (1 year: -0.22, 5 years: -0.20), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FGBI?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fgbi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fgbi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FGBI correlations · VXZ correlations
