FHN vs VXZ: Correlation
How closely do First Horizon Corporation (FHN) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.58, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FHN and VXZ?
Across a 3-year window, the weekly returns of FHN and VXZ correlate at -0.58, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.38) than the 3-year average (-0.58). Stretching to 5 years gives -0.37, with an annualized covariance of -456.2 %².
Among the 17 assets we track against FHN, VXZ sits near the bottom by co-movement, at rank #17. Their recent paths diverged sharply: over the last 12 months FHN outperformed by 26.0 percentage points (+9.9% for FHN 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.
FHN vs VXZ: side by side
| FHN (First Horizon Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.9% | -16.1% |
| 5-year return | +77.9% | -53.1% |
| Volatility (ann.) | 30.5% | 25.6% |
| Beta vs S&P 500 | 1.08 | -1.31 |
| Max drawdown (3Y) | -27.1% | -36.4% |
| Market cap | $11.6B | – |
| P/E (trailing) | 11.8 | – |
| Dividend yield | 2.60% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FHN | VXZ |
|---|---|---|
| 2022 | +53.9% | +0.5% |
| 2023 | -39.4% | -44.0% |
| 2024 | +47.7% | -12.7% |
| 2025 | +22.1% | +5.7% |
| 2026 | +3.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FHN and VXZ good diversifiers for each other?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FHN and VXZ?
The FHN/VXZ correlation stands at -0.58 on a 3-year window (1 year: -0.38, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FHN?
Yes: at -0.58, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.58 mean?
On the −1 to +1 scale, -0.58 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fhn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fhn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FHN correlations · VXZ correlations
