FPI vs VXZ: Correlation
How closely do Farmland Partners Inc. (FPI) 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 -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FPI and VXZ?
Across a 3-year window, the weekly returns of FPI and VXZ correlate at -0.33, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Stretching to 5 years gives -0.35, with an annualized covariance of -202.1 %².
VXZ is close to the least connected end of FPI's tracked universe, ranking #11 of 11. On 12-month performance FPI holds a 13.5-point edge, -2.6% 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.
FPI vs VXZ: side by side
| FPI (Farmland Partners Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -2.6% | -16.1% |
| 5-year return | +8.2% | -53.1% |
| Volatility (ann.) | 23.7% | 25.6% |
| Beta vs S&P 500 | 0.53 | -1.31 |
| Max drawdown (3Y) | -27.0% | -36.4% |
| Market cap | $0.5B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 2.90% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FPI | VXZ |
|---|---|---|
| 2022 | +6.1% | +0.5% |
| 2023 | +4.0% | -44.0% |
| 2024 | +5.7% | -12.7% |
| 2025 | -14.1% | +5.7% |
| 2026 | +8.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FPI and VXZ good diversifiers for each other?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FPI and VXZ?
The FPI/VXZ correlation stands at -0.33 on a 3-year window (1 year: -0.28, 5 years: -0.35), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FPI?
Yes: at -0.33, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/fpi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fpi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FPI correlations · VXZ correlations
