FLC vs VXZ: Correlation
Flaherty & Crumrine Total Return Fund Inc (FLC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLC and VXZ?
Over the past 3 years, FLC and VXZ moved with a correlation of -0.62, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.55 lands near the 3-year figure. Over 5 years the correlation is -0.54, and the annualized covariance of weekly returns is -179.4 %².
Among the 22 assets we track against FLC, VXZ sits near the bottom by co-movement, at rank #22. The last year tells two different stories: FLC led by 19.9 percentage points, +3.8% for FLC against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FLC vs VXZ: side by side
| FLC (Flaherty & Crumrine Total Return Fund Inc) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.8% | -16.1% |
| 5-year return | -0.2% | -53.1% |
| Volatility (ann.) | 11.3% | 25.6% |
| Beta vs S&P 500 | 0.48 | -1.31 |
| Max drawdown (3Y) | -10.5% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.3 | – |
| Dividend yield | 7.25% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLC | VXZ |
|---|---|---|
| 2022 | -25.1% | +0.5% |
| 2023 | -0.8% | -44.0% |
| 2024 | +23.1% | -12.7% |
| 2025 | +12.4% | +5.7% |
| 2026 | -0.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLC and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLC and VXZ?
The FLC/VXZ correlation stands at -0.62 on a 3-year window (1 year: -0.55, 5 years: -0.54), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FLC?
By historical standards, yes. A correlation of -0.62 means the two rarely move for the same reasons.
What does a correlation of -0.62 mean?
On the −1 to +1 scale, -0.62 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/flc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLC correlations · VXZ correlations
