FRSH vs VXZ: Correlation
How closely do Freshworks Inc. (FRSH) 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 -0.41, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRSH and VXZ?
Over the past 3 years, FRSH and VXZ moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.20) than the 3-year average (-0.41). Over 5 years the correlation is -0.38, and the annualized covariance of weekly returns is -513.8 %².
Among the 28 assets we track against FRSH, VXZ sits near the bottom by co-movement, at rank #28. Correlation aside, the last 12 months split them widely, with FRSH ahead by 16.7 points (+0.6% versus -16.1%). Note the risk asymmetry: FRSH runs 1.9 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.
FRSH vs VXZ: side by side
| FRSH (Freshworks Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +0.6% | -16.1% |
| 5-year return | -71.2% | -53.1% |
| Volatility (ann.) | 48.9% | 25.6% |
| Beta vs S&P 500 | 1.46 | -1.31 |
| Max drawdown (3Y) | -71.9% | -36.4% |
| Market cap | $3.6B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRSH | VXZ |
|---|---|---|
| 2022 | -44.0% | +0.5% |
| 2023 | +59.7% | -44.0% |
| 2024 | -31.2% | -12.7% |
| 2025 | -24.2% | +5.7% |
| 2026 | +11.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRSH and VXZ good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FRSH and VXZ?
Using weekly returns as of 2026-08-27: -0.41 over 3 years, with -0.20 over the last year and -0.38 over 5 years.
Is VXZ a good diversifier for FRSH?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 mean?
On the −1 to +1 scale, -0.41 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/frsh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frsh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRSH correlations · VXZ correlations
