FWRD vs VXX: Correlation
How closely do Forward Air Corporation (FWRD) 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 -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRD and VXX?
Over the past 3 years, FWRD and VXX moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.24) runs above the 3-year figure (-0.34). Over 5 years the correlation is -0.33, and the annualized covariance of weekly returns is -1684.2 %².
Among the 12 assets we track against FWRD, VXX sits near the bottom by co-movement, at rank #11. On 12-month performance FWRD holds a 5.4-point edge, -44.3% against -49.7%.
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.
FWRD vs VXX: side by side
| FWRD (Forward Air Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -44.3% | -49.7% |
| 5-year return | -79.7% | -95.6% |
| Volatility (ann.) | 81.4% | 60.9% |
| Beta vs S&P 500 | 1.69 | -3.31 |
| Max drawdown (3Y) | -89.2% | -83.3% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRD | VXX |
|---|---|---|
| 2022 | -12.6% | -23.8% |
| 2023 | -39.3% | -72.5% |
| 2024 | -48.7% | -26.2% |
| 2025 | -22.5% | -42.2% |
| 2026 | -29.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRD and VXX good diversifiers for each other?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FWRD and VXX?
As of 2026-08-27, the correlation of weekly returns between FWRD and VXX is -0.34 over 3 years, -0.24 over 1 year and -0.33 over 5 years.
Is VXX a good diversifier for FWRD?
Yes: at -0.34, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.34 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/fwrd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwrd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FWRD correlations · VXX correlations
