FRHC vs VXX: Correlation
How closely do Freedom Holding Corp. (FRHC) 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 -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRHC and VXX?
On 3 years of weekly data the FRHC/VXX correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.11) runs above the 3-year figure (-0.26). The 5-year figure is -0.32, and annualized covariance runs at -624.1 %².
Out of 12 assets tracked against FRHC, VXX lands near the bottom at #10. The last year tells two different stories: FRHC led by 47.8 percentage points, -1.9% for FRHC against -49.7% for VXX. One caveat on sizing: VXX is 1.5 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.
FRHC vs VXX: side by side
| FRHC (Freedom Holding Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.9% | -49.7% |
| 5-year return | +163.7% | -95.6% |
| Volatility (ann.) | 39.9% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -41.1% | -83.3% |
| Market cap | $10.9B | – |
| P/E (trailing) | 71.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRHC | VXX |
|---|---|---|
| 2022 | -16.0% | -23.8% |
| 2023 | +38.4% | -72.5% |
| 2024 | +62.1% | -26.2% |
| 2025 | -6.9% | -42.2% |
| 2026 | +40.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRHC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between FRHC and VXX?
As of 2026-08-27, the correlation of weekly returns between FRHC and VXX is -0.26 over 3 years, -0.11 over 1 year and -0.32 over 5 years.
Is VXX a good diversifier for FRHC?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/frhc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frhc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FRHC correlations · VXX correlations
