FMST vs VXZ: Correlation
Measured on weekly returns over the past three years, Foremost Clean Energy Ltd. (FMST) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FMST and VXZ?
Over the past 3 years, FMST and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.26 over 3. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -782.3 %².
Among the 12 assets we track against FMST, VXZ sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months VXZ outperformed by 46.4 percentage points (-62.5% for FMST against -16.1% for VXZ). Note the risk asymmetry: FMST runs 4.6 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.
FMST vs VXZ: side by side
| FMST (Foremost Clean Energy Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -62.5% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 118.7% | 25.6% |
| Beta vs S&P 500 | 2.68 | -1.31 |
| Max drawdown (3Y) | -86.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FMST | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | -44.8% | -12.7% |
| 2025 | +53.6% | +5.7% |
| 2026 | -44.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FMST and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FMST and VXZ?
As of 2026-08-27, the correlation of weekly returns between FMST and VXZ is -0.26 over 3 years, -0.32 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for FMST?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/fmst-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fmst-vs-vxz/)
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Related comparisons
Hubs: FMST correlations · VXZ correlations
