FSV vs VXX: Correlation
How closely do FirstService Corporation (FSV) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSV and VXX?
Across a 3-year window, the weekly returns of FSV and VXX correlate at -0.31, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.20) runs above the 3-year figure (-0.31). Stretching to 5 years gives -0.37, with an annualized covariance of -424.5 %².
Out of 14 assets tracked against FSV, VXX lands near the bottom at #13. The last year tells two different stories: FSV led by 20.4 percentage points, -29.3% for FSV against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.7 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.
FSV vs VXX: side by side
| FSV (FirstService Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.3% | -49.7% |
| 5-year return | -21.9% | -95.6% |
| Volatility (ann.) | 22.3% | 60.9% |
| Beta vs S&P 500 | 0.62 | -3.31 |
| Max drawdown (3Y) | -39.4% | -83.3% |
| Market cap | $6.2B | – |
| P/E (trailing) | 40.7 | – |
| Dividend yield | 0.81% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSV | VXX |
|---|---|---|
| 2022 | -37.2% | -23.8% |
| 2023 | +33.1% | -72.5% |
| 2024 | +12.3% | -26.2% |
| 2025 | -13.5% | -42.2% |
| 2026 | -8.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSV and VXX good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FSV and VXX?
As of 2026-08-27, the correlation of weekly returns between FSV and VXX is -0.31 over 3 years, -0.20 over 1 year and -0.37 over 5 years.
Is VXX a good diversifier for FSV?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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/fsv-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fsv-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSV correlations · VXX correlations
