FSLR vs VXX: Correlation
How closely do First Solar (FSLR) 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 -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and VXX?
Across a 3-year window, the weekly returns of FSLR and VXX correlate at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.24 over 3. Stretching to 5 years gives -0.24, with an annualized covariance of -827.5 %².
VXX is close to the least connected end of FSLR's tracked universe, ranking #32 of 34. The last year tells two different stories: FSLR led by 59.6 percentage points, +9.9% for FSLR against -49.7% for VXX.
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.
FSLR vs VXX: side by side
| FSLR (First Solar) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.9% | -49.7% |
| 5-year return | +119.6% | -95.6% |
| Volatility (ann.) | 56.2% | 60.9% |
| Beta vs S&P 500 | 1.14 | -3.31 |
| Max drawdown (3Y) | -60.0% | -83.3% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | VXX |
|---|---|---|
| 2022 | +71.9% | -23.8% |
| 2023 | +15.0% | -72.5% |
| 2024 | +2.3% | -26.2% |
| 2025 | +48.2% | -42.2% |
| 2026 | -19.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, FSLR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FSLR and VXX?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.31 over the last year and -0.24 over 5 years.
Is VXX a good diversifier for FSLR?
Yes. With a correlation of -0.24, FSLR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fslr-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSLR correlations · VXX correlations
