FHI vs VXX: Correlation
Federated Hermes, Inc. (FHI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHI and VXX?
Over the past 3 years, FHI and VXX moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.10) than the 3-year average (-0.35). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -408.3 %².
Out of 11 assets tracked against FHI, VXX lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months FHI outperformed by 72.8 percentage points (+23.1% for FHI against -49.7% for VXX). Note the risk asymmetry: VXX runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FHI vs VXX: side by side
| FHI (Federated Hermes, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.1% | -49.7% |
| 5-year return | +131.6% | -95.6% |
| Volatility (ann.) | 19.0% | 60.9% |
| Beta vs S&P 500 | 0.54 | -3.31 |
| Max drawdown (3Y) | -16.6% | -83.3% |
| Market cap | $4.8B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.15% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHI | VXX |
|---|---|---|
| 2022 | -0.2% | -23.8% |
| 2023 | -3.8% | -72.5% |
| 2024 | +29.6% | -26.2% |
| 2025 | +30.5% | -42.2% |
| 2026 | +27.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FHI and VXX?
As of 2026-08-27, the correlation of weekly returns between FHI and VXX is -0.35 over 3 years, -0.10 over 1 year and -0.38 over 5 years.
Is VXX a good diversifier for FHI?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 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/fhi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FHI correlations · VXX correlations
