FLG vs VXZ: Correlation
Flagstar Bank, N.A. (FLG) 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 -0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLG and VXZ?
Across a 3-year window, the weekly returns of FLG and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Stretching to 5 years gives -0.39, with an annualized covariance of -481.5 %².
Among the 11 assets we track against FLG, VXZ sits near the bottom by co-movement, at rank #11. The last year tells two different stories: FLG led by 21.0 percentage points, +4.9% for FLG against -16.1% for VXZ. Risk is not evenly split, since FLG 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.
FLG vs VXZ: side by side
| FLG (Flagstar Bank, N.A.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.9% | -16.1% |
| 5-year return | -57.2% | -53.1% |
| Volatility (ann.) | 52.0% | 25.6% |
| Beta vs S&P 500 | 0.84 | -1.31 |
| Max drawdown (3Y) | -77.9% | -36.4% |
| Market cap | $5.6B | – |
| P/E (trailing) | 448.3 | – |
| Dividend yield | 0.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLG | VXZ |
|---|---|---|
| 2022 | -24.5% | +0.5% |
| 2023 | +26.9% | -44.0% |
| 2024 | -69.1% | -12.7% |
| 2025 | +35.4% | +5.7% |
| 2026 | +7.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLG and VXZ good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLG and VXZ?
As of 2026-08-27, the correlation of weekly returns between FLG and VXZ is -0.36 over 3 years, -0.37 over 1 year and -0.39 over 5 years.
Is VXZ a good diversifier for FLG?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 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/flg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLG correlations · VXZ correlations
