FNB vs VXZ: Correlation
Measured on weekly returns over the past three years, F.N.B. Corporation (FNB) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.61, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNB and VXZ?
Across a 3-year window, the weekly returns of FNB and VXZ correlate at -0.61, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.44) runs above the 3-year figure (-0.61). Stretching to 5 years gives -0.57, with an annualized covariance of -424.7 %².
VXZ is close to the least connected end of FNB's tracked universe, ranking #53 of 53. Their recent paths diverged sharply: over the last 12 months FNB outperformed by 29.5 percentage points (+13.4% for FNB 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.
FNB vs VXZ: side by side
| FNB (F.N.B. Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +13.4% | -16.1% |
| 5-year return | +91.1% | -53.1% |
| Volatility (ann.) | 27.4% | 25.6% |
| Beta vs S&P 500 | 1.03 | -1.31 |
| Max drawdown (3Y) | -32.6% | -36.4% |
| Market cap | $6.6B | – |
| P/E (trailing) | 11.0 | – |
| Dividend yield | 2.65% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNB | VXZ |
|---|---|---|
| 2022 | +11.7% | +0.5% |
| 2023 | +9.8% | -44.0% |
| 2024 | +11.0% | -12.7% |
| 2025 | +19.4% | +5.7% |
| 2026 | +9.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNB and VXZ good diversifiers for each other?
Yes. With a correlation of -0.61, FNB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNB and VXZ?
The FNB/VXZ correlation stands at -0.61 on a 3-year window (1 year: -0.44, 5 years: -0.57), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FNB?
Yes. With a correlation of -0.61, FNB and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.61 mean?
A reading of -0.61 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/fnb-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fnb-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNB correlations · VXZ correlations
