FLYW vs VXZ: Correlation
How closely do Flywire Corporation - Voting (FLYW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLYW and VXZ?
On 3 years of weekly data the FLYW/VXZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.29 over 1 year against -0.24 over 3. The 5-year figure is -0.29, and annualized covariance runs at -334.4 %².
VXZ is close to the least connected end of FLYW's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with FLYW ahead by 59.2 points (+43.1% versus -16.1%). One caveat on sizing: FLYW is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FLYW vs VXZ: side by side
| FLYW (Flywire Corporation - Voting) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +43.1% | -16.1% |
| 5-year return | -57.5% | -53.1% |
| Volatility (ann.) | 54.1% | 25.6% |
| Beta vs S&P 500 | 1.13 | -1.31 |
| Max drawdown (3Y) | -75.7% | -36.4% |
| Market cap | $2.3B | – |
| P/E (trailing) | 69.3 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FLYW | VXZ |
|---|---|---|
| 2022 | -35.7% | +0.5% |
| 2023 | -5.4% | -44.0% |
| 2024 | -10.9% | -12.7% |
| 2025 | -31.3% | +5.7% |
| 2026 | +32.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLYW and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLYW and VXZ?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.29 over the last year and -0.29 over 5 years.
Is VXZ a good diversifier for FLYW?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/flyw-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flyw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLYW correlations · VXZ correlations
