FLEX vs VXZ: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and VXZ?
On 3 years of weekly data the FLEX/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.16) runs above the 3-year figure (-0.37). The 5-year figure is -0.42, and annualized covariance runs at -487.7 %².
Among the 45 assets we track against FLEX, VXZ sits near the bottom by co-movement, at rank #43. Correlation aside, the last 12 months split them widely, with FLEX ahead by 130.7 points (+114.6% versus -16.1%). Risk is not evenly split, since FLEX carries 2.0 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.
FLEX vs VXZ: side by side
| FLEX (Flex Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +114.6% | -16.1% |
| 5-year return | +716.5% | -53.1% |
| Volatility (ann.) | 50.9% | 25.6% |
| Beta vs S&P 500 | 1.70 | -1.31 |
| Max drawdown (3Y) | -40.0% | -36.4% |
| Market cap | $42.6B | – |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | VXZ |
|---|---|---|
| 2022 | +17.1% | +0.5% |
| 2023 | +41.9% | -44.0% |
| 2024 | +67.2% | -12.7% |
| 2025 | +57.4% | +5.7% |
| 2026 | +90.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLEX and VXZ?
The FLEX/VXZ correlation stands at -0.37 on a 3-year window (1 year: -0.16, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FLEX?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/flex-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLEX correlations · VXZ correlations
