FNF vs VXZ: Correlation
How closely do Fidelity National Financial, Inc. (FNF) 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 -0.40, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNF and VXZ?
On 3 years of weekly data the FNF/VXZ correlation comes out at -0.40, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.25) runs above the 3-year figure (-0.40). The 5-year figure is -0.48, and annualized covariance runs at -255.4 %².
VXZ is close to the least connected end of FNF's tracked universe, ranking #14 of 14. Neither side won the trailing year by much: -15.7% against -16.1%.
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.
FNF vs VXZ: side by side
| FNF (Fidelity National Financial, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.7% | -16.1% |
| 5-year return | +27.3% | -53.1% |
| Volatility (ann.) | 24.8% | 25.6% |
| Beta vs S&P 500 | 0.66 | -1.31 |
| Max drawdown (3Y) | -30.0% | -36.4% |
| Market cap | $12.7B | – |
| P/E (trailing) | 16.5 | – |
| Dividend yield | 4.34% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNF | VXZ |
|---|---|---|
| 2022 | -21.6% | +0.5% |
| 2023 | +42.2% | -44.0% |
| 2024 | +14.0% | -12.7% |
| 2025 | +4.4% | +5.7% |
| 2026 | -11.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNF and VXZ good diversifiers for each other?
Yes. With a correlation of -0.40, FNF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FNF and VXZ?
The FNF/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.25, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FNF?
Yes. With a correlation of -0.40, FNF and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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/fnf-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fnf-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNF correlations · VXZ correlations
