FPI vs VXX: Correlation
How closely do Farmland Partners Inc. (FPI) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FPI and VXX?
Across a 3-year window, the weekly returns of FPI and VXX correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.18 versus -0.31 over 3 years. Stretching to 5 years gives -0.34, with an annualized covariance of -449.4 %².
Among the 11 assets we track against FPI, VXX sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months FPI outperformed by 47.1 percentage points (-2.6% for FPI against -49.7% for VXX). One caveat on sizing: VXX is 2.6 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.
FPI vs VXX: side by side
| FPI (Farmland Partners Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.6% | -49.7% |
| 5-year return | +8.2% | -95.6% |
| Volatility (ann.) | 23.7% | 60.9% |
| Beta vs S&P 500 | 0.53 | -3.31 |
| Max drawdown (3Y) | -27.0% | -83.3% |
| Market cap | $0.5B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 2.90% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FPI | VXX |
|---|---|---|
| 2022 | +6.1% | -23.8% |
| 2023 | +4.0% | -72.5% |
| 2024 | +5.7% | -26.2% |
| 2025 | -14.1% | -42.2% |
| 2026 | +8.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FPI and VXX good diversifiers for each other?
Yes. With a correlation of -0.31, FPI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FPI and VXX?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.18 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for FPI?
Yes. With a correlation of -0.31, FPI and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.31 mean?
A reading of -0.31 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/fpi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fpi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FPI correlations · VXX correlations
