FRBA vs VXZ: Correlation
How closely do First Bank (FRBA) 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 -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRBA and VXZ?
Across a 3-year window, the weekly returns of FRBA and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.31 versus -0.43 over 3 years. Stretching to 5 years gives -0.42, with an annualized covariance of -294.5 %².
Out of 14 assets tracked against FRBA, VXZ lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with FRBA ahead by 25.0 points (+8.9% versus -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.
FRBA vs VXZ: side by side
| FRBA (First Bank) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +8.9% | -16.1% |
| 5-year return | +47.4% | -53.1% |
| Volatility (ann.) | 26.6% | 25.6% |
| Beta vs S&P 500 | 0.61 | -1.31 |
| Max drawdown (3Y) | -22.0% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.67% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRBA | VXZ |
|---|---|---|
| 2022 | -3.6% | +0.5% |
| 2023 | +9.1% | -44.0% |
| 2024 | -2.6% | -12.7% |
| 2025 | +18.8% | +5.7% |
| 2026 | +10.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRBA and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FRBA and VXZ?
The FRBA/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.31, 5 years: -0.42), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FRBA?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
On the −1 to +1 scale, -0.43 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/frba-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frba-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRBA correlations · VXZ correlations
