FN vs VXZ: Correlation
Fabrinet (FN) 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 -0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FN and VXZ?
Over the past 3 years, FN and VXZ moved with a correlation of -0.33, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.15) than the 3-year average (-0.33). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -470.8 %².
Out of 13 assets tracked against FN, VXZ lands near the bottom at #11. The last year tells two different stories: FN led by 46.3 percentage points, +30.2% for FN against -16.1% for VXZ. Note the risk asymmetry: FN runs 2.2 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.
FN vs VXZ: side by side
| FN (Fabrinet) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +30.2% | -16.1% |
| 5-year return | +317.1% | -53.1% |
| Volatility (ann.) | 55.4% | 25.6% |
| Beta vs S&P 500 | 1.97 | -1.31 |
| Max drawdown (3Y) | -44.5% | -36.4% |
| Market cap | $15.5B | – |
| P/E (trailing) | 33.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FN | VXZ |
|---|---|---|
| 2022 | +8.2% | +0.5% |
| 2023 | +48.4% | -44.0% |
| 2024 | +15.5% | -12.7% |
| 2025 | +107.1% | +5.7% |
| 2026 | -5.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
FAQ
What is the correlation between FN and VXZ?
The FN/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.15, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FN?
By historical standards, yes. A correlation of -0.33 means the two rarely move for the same reasons.
What does a correlation of -0.33 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/fn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FN correlations · VXZ correlations
