FIP vs VXZ: Correlation
Measured on weekly returns over the past three years, FTAI Infrastructure Inc. (FIP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.39, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FIP and VXZ?
On 3 years of weekly data the FIP/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.29 versus -0.39 over 3 years. The 5-year figure is -0.39, and annualized covariance runs at -571.0 %².
Out of 13 assets tracked against FIP, VXZ lands near the bottom at #13. Over the last 12 months VXZ came out ahead by 11.4 percentage points (-27.5% against -16.1%). Risk is not evenly split, since FIP carries 2.2 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.
FIP vs VXZ: side by side
| FIP (FTAI Infrastructure Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -27.5% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 56.6% | 25.6% |
| Beta vs S&P 500 | 1.48 | -1.31 |
| Max drawdown (3Y) | -68.0% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.22% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FIP | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | +36.9% | -44.0% |
| 2024 | +89.5% | -12.7% |
| 2025 | -34.9% | +5.7% |
| 2026 | -19.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FIP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.39, FIP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FIP and VXZ?
As of 2026-08-27, the correlation of weekly returns between FIP and VXZ is -0.39 over 3 years, -0.29 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for FIP?
Yes. With a correlation of -0.39, FIP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.39 mean?
On the −1 to +1 scale, -0.39 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/fip-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fip-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FIP correlations · VXZ correlations
