FROG vs VXZ: Correlation
JFrog Ltd. (FROG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FROG and VXZ?
Across a 3-year window, the weekly returns of FROG and VXZ correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.25). Stretching to 5 years gives -0.30, with an annualized covariance of -357.0 %².
VXZ is close to the least connected end of FROG's tracked universe, ranking #14 of 15. Their recent paths diverged sharply: over the last 12 months FROG outperformed by 128.4 percentage points (+112.3% for FROG against -16.1% for VXZ). One caveat on sizing: FROG is 2.2 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.
FROG vs VXZ: side by side
| FROG (JFrog Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +112.3% | -16.1% |
| 5-year return | +167.6% | -53.1% |
| Volatility (ann.) | 56.8% | 25.6% |
| Beta vs S&P 500 | 1.24 | -1.31 |
| Max drawdown (3Y) | -49.6% | -36.4% |
| Market cap | $12.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FROG | VXZ |
|---|---|---|
| 2022 | -28.2% | +0.5% |
| 2023 | +62.3% | -44.0% |
| 2024 | -15.0% | -12.7% |
| 2025 | +112.4% | +5.7% |
| 2026 | +66.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FROG and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between FROG and VXZ?
The FROG/VXZ correlation stands at -0.25 on a 3-year window (1 year: -0.13, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FROG?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/frog-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frog-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FROG correlations · VXZ correlations
