FLS vs VXZ: Correlation
Measured on weekly returns over the past three years, Flowserve Corporation (FLS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLS and VXZ?
Over the past 3 years, FLS and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.27) than the 3-year average (-0.45). Over 5 years the correlation is -0.46, and the annualized covariance of weekly returns is -431.1 %².
Among the 13 assets we track against FLS, VXZ sits near the bottom by co-movement, at rank #12. The last year tells two different stories: FLS led by 67.5 percentage points, +51.4% for FLS 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.
FLS vs VXZ: side by side
| FLS (Flowserve Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +51.4% | -16.1% |
| 5-year return | +131.6% | -53.1% |
| Volatility (ann.) | 37.2% | 25.6% |
| Beta vs S&P 500 | 1.43 | -1.31 |
| Max drawdown (3Y) | -38.8% | -36.4% |
| Market cap | $10.4B | – |
| P/E (trailing) | 28.8 | – |
| Dividend yield | 1.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLS | VXZ |
|---|---|---|
| 2022 | +3.1% | +0.5% |
| 2023 | +37.3% | -44.0% |
| 2024 | +41.9% | -12.7% |
| 2025 | +22.5% | +5.7% |
| 2026 | +18.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLS and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLS and VXZ?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.27 over the last year and -0.46 over 5 years.
Is VXZ a good diversifier for FLS?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fls-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fls-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLS correlations · VXZ correlations
