FWONA vs VXZ: Correlation
Liberty Media Corporation - Series A Liberty Formula One (FWONA) 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 -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWONA and VXZ?
Over the past 3 years, FWONA and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.37 lands near the 3-year figure. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -224.3 %².
Out of 10 assets tracked against FWONA, VXZ lands near the bottom at #9. The last year tells two different stories: FWONA led by 20.8 percentage points, +4.7% for FWONA against -16.1% for VXZ.
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.
FWONA vs VXZ: side by side
| FWONA (Liberty Media Corporation - Series A Liberty Formula One) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.7% | -16.1% |
| 5-year return | +116.6% | -53.1% |
| Volatility (ann.) | 25.1% | 25.6% |
| Beta vs S&P 500 | 0.58 | -1.31 |
| Max drawdown (3Y) | -25.7% | -36.4% |
| Market cap | $23.6B | – |
| P/E (trailing) | 117.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWONA | VXZ |
|---|---|---|
| 2022 | -10.0% | +0.5% |
| 2023 | +13.3% | -44.0% |
| 2024 | +44.9% | -12.7% |
| 2025 | +6.4% | +5.7% |
| 2026 | +5.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWONA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between FWONA and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.37 over the last year and -0.35 over 5 years.
Is VXZ a good diversifier for FWONA?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fwona-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwona-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWONA correlations · VXZ correlations
