FTRE vs VXZ: Correlation
Measured on weekly returns over the past three years, Fortrea Holdings Inc. (FTRE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTRE and VXZ?
Across a 3-year window, the weekly returns of FTRE and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.31 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -621.7 %².
VXZ is close to the least connected end of FTRE's tracked universe, ranking #11 of 12. The last year tells two different stories: FTRE led by 125.0 percentage points, +108.9% for FTRE against -16.1% for VXZ. Note the risk asymmetry: FTRE runs 3.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FTRE vs VXZ: side by side
| FTRE (Fortrea Holdings Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +108.9% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 78.9% | 25.6% |
| Beta vs S&P 500 | 1.59 | -1.31 |
| Max drawdown (3Y) | -89.9% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FTRE | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | -46.6% | -12.7% |
| 2025 | -7.5% | +5.7% |
| 2026 | +9.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTRE and VXZ 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 FTRE and VXZ?
The FTRE/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.33, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FTRE?
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/ftre-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ftre-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTRE correlations · VXZ correlations
