FSS vs VXX: Correlation
Federal Signal Corporation (FSS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSS and VXX?
On 3 years of weekly data the FSS/VXX correlation comes out at -0.42, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.44, and annualized covariance runs at -803.8 %².
Out of 15 assets tracked against FSS, VXX lands near the bottom at #14. The last year tells two different stories: FSS led by 44.4 percentage points, -5.3% for FSS against -49.7% for VXX. One caveat on sizing: VXX is 2.0 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.
FSS vs VXX: side by side
| FSS (Federal Signal Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.3% | -49.7% |
| 5-year return | +203.9% | -95.6% |
| Volatility (ann.) | 31.2% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -31.5% | -83.3% |
| Market cap | $7.3B | – |
| P/E (trailing) | 26.2 | – |
| Dividend yield | 0.48% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSS | VXX |
|---|---|---|
| 2022 | +8.2% | -23.8% |
| 2023 | +66.3% | -72.5% |
| 2024 | +21.1% | -26.2% |
| 2025 | +18.2% | -42.2% |
| 2026 | +11.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSS and VXX good diversifiers for each other?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FSS and VXX?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.32 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for FSS?
Yes: at -0.42, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.42 mean?
A reading of -0.42 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/fss-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fss-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSS correlations · VXX correlations
