FRA vs VXX: Correlation
How closely do Blackrock Floating Rate Income Strategies Fund Inc (FRA) 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 -0.46, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRA and VXX?
Across a 3-year window, the weekly returns of FRA and VXX correlate at -0.46, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.48 lands near the 3-year figure. Stretching to 5 years gives -0.41, with an annualized covariance of -325.2 %².
Out of 14 assets tracked against FRA, VXX lands near the bottom at #14. Their recent paths diverged sharply: over the last 12 months FRA outperformed by 43.2 percentage points (-6.5% for FRA against -49.7% for VXX). Note the risk asymmetry: VXX runs 5.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FRA vs VXX: side by side
| FRA (Blackrock Floating Rate Income Strategies Fund Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.5% | -49.7% |
| 5-year return | +37.4% | -95.6% |
| Volatility (ann.) | 11.6% | 60.9% |
| Beta vs S&P 500 | 0.44 | -3.31 |
| Max drawdown (3Y) | -18.8% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 15.6 | – |
| Dividend yield | 13.61% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRA | VXX |
|---|---|---|
| 2022 | -10.6% | -23.8% |
| 2023 | +25.5% | -72.5% |
| 2024 | +21.6% | -26.2% |
| 2025 | -3.7% | -42.2% |
| 2026 | +1.5% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRA and VXX good diversifiers for each other?
Yes. With a correlation of -0.46, FRA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FRA and VXX?
As of 2026-08-27, the correlation of weekly returns between FRA and VXX is -0.46 over 3 years, -0.48 over 1 year and -0.41 over 5 years.
Is VXX a good diversifier for FRA?
Yes. With a correlation of -0.46, FRA and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.46 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/fra-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fra-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FRA correlations · VXX correlations
