FORM vs VXZ: Correlation
FormFactor, Inc. (FORM) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FORM and VXZ?
Across a 3-year window, the weekly returns of FORM and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.17 versus -0.38 over 3 years. Stretching to 5 years gives -0.36, with an annualized covariance of -561.0 %².
Out of 14 assets tracked against FORM, VXZ lands near the bottom at #12. Correlation aside, the last 12 months split them widely, with FORM ahead by 292.7 points (+276.6% versus -16.1%). One caveat on sizing: FORM is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| FORM (FormFactor, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +276.6% | -16.1% |
| 5-year return | +178.6% | -53.1% |
| Volatility (ann.) | 58.1% | 25.6% |
| Beta vs S&P 500 | 2.08 | -1.31 |
| Max drawdown (3Y) | -62.7% | -36.4% |
| Market cap | $8.6B | – |
| P/E (trailing) | 74.5 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FORM | VXZ |
|---|---|---|
| 2022 | -51.4% | +0.5% |
| 2023 | +87.6% | -44.0% |
| 2024 | +5.5% | -12.7% |
| 2025 | +26.8% | +5.7% |
| 2026 | +97.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FORM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between FORM and VXZ?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.17 over the last year and -0.36 over 5 years.
Is VXZ a good diversifier for FORM?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 mean?
A reading of -0.38 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/form-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/form-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FORM correlations · VXZ correlations
