FORM vs VXX: Correlation
How closely do FormFactor, Inc. (FORM) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FORM and VXX?
Across a 3-year window, the weekly returns of FORM and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.25) than the 3-year average (-0.41). Stretching to 5 years gives -0.37, with an annualized covariance of -1465.4 %².
Among the 14 assets we track against FORM, VXX sits near the bottom by co-movement, at rank #13. The last year tells two different stories: FORM led by 326.3 percentage points, +276.6% for FORM against -49.7% for VXX.
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.
FORM vs VXX: side by side
| FORM (FormFactor, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +276.6% | -49.7% |
| 5-year return | +178.6% | -95.6% |
| Volatility (ann.) | 58.1% | 60.9% |
| Beta vs S&P 500 | 2.08 | -3.31 |
| Max drawdown (3Y) | -62.7% | -83.3% |
| Market cap | $8.6B | – |
| P/E (trailing) | 74.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FORM | VXX |
|---|---|---|
| 2022 | -51.4% | -23.8% |
| 2023 | +87.6% | -72.5% |
| 2024 | +5.5% | -26.2% |
| 2025 | +26.8% | -42.2% |
| 2026 | +97.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FORM and VXX good diversifiers for each other?
Yes. With a correlation of -0.41, FORM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FORM and VXX?
The FORM/VXX correlation stands at -0.41 on a 3-year window (1 year: -0.25, 5 years: -0.37), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for FORM?
Yes. With a correlation of -0.41, FORM and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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/form-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/form-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FORM correlations · VXX correlations
