FHN vs VXX: Correlation
Measured on weekly returns over the past three years, First Horizon Corporation (FHN) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.58, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and VXX?
Over the past 3 years, FHN and VXX moved with a correlation of -0.58, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.35) runs above the 3-year figure (-0.58). Over 5 years the correlation is -0.36, and the annualized covariance of weekly returns is -1072.8 %².
VXX is close to the least connected end of FHN's tracked universe, ranking #16 of 17. Correlation aside, the last 12 months split them widely, with FHN ahead by 59.6 points (+9.9% versus -49.7%). One caveat on sizing: VXX is 2.0 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.
FHN vs VXX: side by side
| FHN (First Horizon Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.9% | -49.7% |
| 5-year return | +77.9% | -95.6% |
| Volatility (ann.) | 30.5% | 60.9% |
| Beta vs S&P 500 | 1.08 | -3.31 |
| Max drawdown (3Y) | -27.1% | -83.3% |
| Market cap | $11.6B | – |
| P/E (trailing) | 11.8 | – |
| Dividend yield | 2.60% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHN | VXX |
|---|---|---|
| 2022 | +53.9% | -23.8% |
| 2023 | -39.4% | -72.5% |
| 2024 | +47.7% | -26.2% |
| 2025 | +22.1% | -42.2% |
| 2026 | +3.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and VXX good diversifiers for each other?
Yes. With a correlation of -0.58, FHN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FHN and VXX?
The FHN/VXX correlation stands at -0.58 on a 3-year window (1 year: -0.35, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for FHN?
Yes. With a correlation of -0.58, FHN and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.58 mean?
A reading of -0.58 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/fhn-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhn-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FHN correlations · VXX correlations
