FLR vs VXZ: Correlation
Fluor Corporation (FLR) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLR and VXZ?
On 3 years of weekly data the FLR/VXZ correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. The 5-year figure is -0.34, and annualized covariance runs at -371.8 %².
Among the 10 assets we track against FLR, VXZ sits near the bottom by co-movement, at rank #9. The last year tells two different stories: FLR led by 47.7 percentage points, +31.6% for FLR against -16.1% for VXZ. Note the risk asymmetry: FLR runs 1.6 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.
FLR vs VXZ: side by side
| FLR (Fluor Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +31.6% | -16.1% |
| 5-year return | +231.5% | -53.1% |
| Volatility (ann.) | 41.3% | 25.6% |
| Beta vs S&P 500 | 1.17 | -1.31 |
| Max drawdown (3Y) | -47.6% | -36.4% |
| Market cap | $7.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLR | VXZ |
|---|---|---|
| 2022 | +39.9% | +0.5% |
| 2023 | +13.0% | -44.0% |
| 2024 | +25.9% | -12.7% |
| 2025 | -19.6% | +5.7% |
| 2026 | +36.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLR and VXZ good diversifiers for each other?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLR and VXZ?
As of 2026-08-27, the correlation of weekly returns between FLR and VXZ is -0.35 over 3 years, -0.31 over 1 year and -0.34 over 5 years.
Is VXZ a good diversifier for FLR?
Yes: at -0.35, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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/flr-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLR correlations · VXZ correlations
