FSS vs VXZ: Correlation
Federal Signal Corporation (FSS) 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 -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSS and VXZ?
Over the past 3 years, FSS and VXZ moved with a correlation of -0.45, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.44) sits close to the 3-year figure. Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -358.2 %².
Among the 15 assets we track against FSS, VXZ sits near the bottom by co-movement, at rank #15. The trailing year gives FSS the advantage: -5.3% versus -16.1%, a 10.8-point spread.
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 VXZ: side by side
| FSS (Federal Signal Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -5.3% | -16.1% |
| 5-year return | +203.9% | -53.1% |
| Volatility (ann.) | 31.2% | 25.6% |
| Beta vs S&P 500 | 1.02 | -1.31 |
| Max drawdown (3Y) | -31.5% | -36.4% |
| Market cap | $7.3B | – |
| P/E (trailing) | 26.2 | – |
| Dividend yield | 0.48% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSS | VXZ |
|---|---|---|
| 2022 | +8.2% | +0.5% |
| 2023 | +66.3% | -44.0% |
| 2024 | +21.1% | -12.7% |
| 2025 | +18.2% | +5.7% |
| 2026 | +11.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSS and VXZ good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FSS and VXZ?
The FSS/VXZ correlation stands at -0.45 on a 3-year window (1 year: -0.44, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FSS?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
A reading of -0.45 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fss-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSS correlations · VXZ correlations
