FHI vs VXZ: Correlation
Measured on weekly returns over the past three years, Federated Hermes, Inc. (FHI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.34, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHI and VXZ?
On 3 years of weekly data the FHI/VXZ correlation comes out at -0.34, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.34 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -166.4 %².
Out of 11 assets tracked against FHI, VXZ lands near the bottom at #10. The last year tells two different stories: FHI led by 39.2 percentage points, +23.1% for FHI 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.
FHI vs VXZ: side by side
| FHI (Federated Hermes, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +23.1% | -16.1% |
| 5-year return | +131.6% | -53.1% |
| Volatility (ann.) | 19.0% | 25.6% |
| Beta vs S&P 500 | 0.54 | -1.31 |
| Max drawdown (3Y) | -16.6% | -36.4% |
| Market cap | $4.8B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.15% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHI | VXZ |
|---|---|---|
| 2022 | -0.2% | +0.5% |
| 2023 | -3.8% | -44.0% |
| 2024 | +29.6% | -12.7% |
| 2025 | +30.5% | +5.7% |
| 2026 | +27.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHI and VXZ good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FHI and VXZ?
As of 2026-08-27, the correlation of weekly returns between FHI and VXZ is -0.34 over 3 years, -0.11 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for FHI?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FHI correlations · VXZ correlations
