FSLR vs VXZ: Correlation
Measured on weekly returns over the past three years, First Solar (FSLR) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.19, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and VXZ?
Over the past 3 years, FSLR and VXZ moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.19 over 3. Over 5 years the correlation is -0.27, and the annualized covariance of weekly returns is -277.1 %².
Among the 34 assets we track against FSLR, VXZ ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FSLR outperformed by 26.0 percentage points (+9.9% for FSLR against -16.1% for VXZ). Risk is not evenly split, since FSLR carries 2.2 times the volatility of the other side.
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 VXZ: side by side
| FSLR (First Solar) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +9.9% | -16.1% |
| 5-year return | +119.6% | -53.1% |
| Volatility (ann.) | 56.2% | 25.6% |
| Beta vs S&P 500 | 1.14 | -1.31 |
| Max drawdown (3Y) | -60.0% | -36.4% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | VXZ |
|---|---|---|
| 2022 | +71.9% | +0.5% |
| 2023 | +15.0% | -44.0% |
| 2024 | +2.3% | -12.7% |
| 2025 | +48.2% | +5.7% |
| 2026 | -19.6% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between FSLR and VXZ?
Using weekly returns as of 2026-08-27: -0.19 over 3 years, with -0.22 over the last year and -0.27 over 5 years.
Is VXZ a good diversifier for FSLR?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fslr-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · VXZ correlations
