FRHC vs VXZ: Correlation
Measured on weekly returns over the past three years, Freedom Holding Corp. (FRHC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRHC and VXZ?
Across a 3-year window, the weekly returns of FRHC and VXZ correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.16 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.34, with an annualized covariance of -260.3 %².
VXZ is close to the least connected end of FRHC's tracked universe, ranking #11 of 12. On 12-month performance FRHC holds a 14.2-point edge, -1.9% against -16.1%. One caveat on sizing: FRHC is 1.6 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.
FRHC vs VXZ: side by side
| FRHC (Freedom Holding Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -1.9% | -16.1% |
| 5-year return | +163.7% | -53.1% |
| Volatility (ann.) | 39.9% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -41.1% | -36.4% |
| Market cap | $10.9B | – |
| P/E (trailing) | 71.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRHC | VXZ |
|---|---|---|
| 2022 | -16.0% | +0.5% |
| 2023 | +38.4% | -44.0% |
| 2024 | +62.1% | -12.7% |
| 2025 | -6.9% | +5.7% |
| 2026 | +40.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRHC and VXZ 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 VXZ?
The FRHC/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.16, 5 years: -0.34), computed from weekly returns as of 2026-08-27.
Is VXZ 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?
A reading of -0.26 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/frhc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frhc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRHC correlations · VXZ correlations
