FSV vs VXZ: Correlation
FirstService Corporation (FSV) 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 -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSV and VXZ?
Over the past 3 years, FSV and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.34 lands near the 3-year figure. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -183.9 %².
Among the 14 assets we track against FSV, VXZ sits near the bottom by co-movement, at rank #14. On 12-month performance VXZ holds a 13.2-point edge, -29.3% against -16.1%.
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 VXZ: side by side
| FSV (FirstService Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -29.3% | -16.1% |
| 5-year return | -21.9% | -53.1% |
| Volatility (ann.) | 22.3% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -39.4% | -36.4% |
| Market cap | $6.2B | – |
| P/E (trailing) | 40.7 | – |
| Dividend yield | 0.81% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSV | VXZ |
|---|---|---|
| 2022 | -37.2% | +0.5% |
| 2023 | +33.1% | -44.0% |
| 2024 | +12.3% | -12.7% |
| 2025 | -13.5% | +5.7% |
| 2026 | -8.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSV and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, FSV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FSV and VXZ?
As of 2026-08-27, the correlation of weekly returns between FSV and VXZ is -0.32 over 3 years, -0.34 over 1 year and -0.41 over 5 years.
Is VXZ a good diversifier for FSV?
Yes. With a correlation of -0.32, FSV and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
A reading of -0.32 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/fsv-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fsv-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSV correlations · VXZ correlations
