FISI vs VXZ: Correlation
How closely do Financial Institutions, Inc. (FISI) 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 -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FISI and VXZ?
On 3 years of weekly data the FISI/VXZ correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. The 5-year figure is -0.43, and annualized covariance runs at -397.6 %².
Among the 14 assets we track against FISI, VXZ sits near the bottom by co-movement, at rank #14. The last year tells two different stories: FISI led by 70.4 percentage points, +54.3% for FISI 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.
FISI vs VXZ: side by side
| FISI (Financial Institutions, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +54.3% | -16.1% |
| 5-year return | +65.6% | -53.1% |
| Volatility (ann.) | 31.9% | 25.6% |
| Beta vs S&P 500 | 0.93 | -1.31 |
| Max drawdown (3Y) | -27.8% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 3.09% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FISI | VXZ |
|---|---|---|
| 2022 | -20.0% | +0.5% |
| 2023 | -6.8% | -44.0% |
| 2024 | +35.5% | -12.7% |
| 2025 | +19.5% | +5.7% |
| 2026 | +33.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FISI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between FISI and VXZ?
As of 2026-08-27, the correlation of weekly returns between FISI and VXZ is -0.49 over 3 years, -0.44 over 1 year and -0.43 over 5 years.
Is VXZ a good diversifier for FISI?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
On the −1 to +1 scale, -0.49 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/fisi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fisi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FISI correlations · VXZ correlations
