FHB vs VXX: Correlation
How closely do First Hawaiian, Inc. (FHB) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.51, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHB and VXX?
On 3 years of weekly data the FHB/VXX correlation comes out at -0.51, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.34 versus -0.51 over 3 years. The 5-year figure is -0.47, and annualized covariance runs at -792.7 %².
Out of 18 assets tracked against FHB, VXX lands near the bottom at #17. The last year tells two different stories: FHB led by 53.0 percentage points, +3.3% for FHB against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.4 times the volatility of the other side.
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.
FHB vs VXX: side by side
| FHB (First Hawaiian, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.3% | -49.7% |
| 5-year return | +16.4% | -95.6% |
| Volatility (ann.) | 25.6% | 60.9% |
| Beta vs S&P 500 | 0.77 | -3.31 |
| Max drawdown (3Y) | -24.3% | -83.3% |
| Market cap | $3.1B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 4.01% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHB | VXX |
|---|---|---|
| 2022 | -0.9% | -23.8% |
| 2023 | -7.6% | -72.5% |
| 2024 | +18.7% | -26.2% |
| 2025 | +1.6% | -42.2% |
| 2026 | +5.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHB and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
FAQ
What is the correlation between FHB and VXX?
As of 2026-08-27, the correlation of weekly returns between FHB and VXX is -0.51 over 3 years, -0.34 over 1 year and -0.47 over 5 years.
Is VXX a good diversifier for FHB?
By historical standards, yes. A correlation of -0.51 means the two rarely move for the same reasons.
What does a correlation of -0.51 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/fhb-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhb-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FHB correlations · VXX correlations
