FWRG vs VXZ: Correlation
How closely do First Watch Restaurant Group, Inc. (FWRG) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FWRG and VXZ?
Over the past 3 years, FWRG and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.26 over 3 years. Over 5 years the correlation is -0.32, and the annualized covariance of weekly returns is -333.8 %².
VXZ is close to the least connected end of FWRG's tracked universe, ranking #11 of 11. The last year tells two different stories: VXZ led by 18.2 percentage points, -34.3% for FWRG against -16.1% for VXZ. Note the risk asymmetry: FWRG runs 1.9 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.
FWRG vs VXZ: side by side
| FWRG (First Watch Restaurant Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -34.3% | -16.1% |
| 5-year return | -44.1% | -53.1% |
| Volatility (ann.) | 49.3% | 25.6% |
| Beta vs S&P 500 | 1.01 | -1.31 |
| Max drawdown (3Y) | -60.4% | -36.4% |
| Market cap | $0.8B | – |
| P/E (trailing) | 45.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FWRG | VXZ |
|---|---|---|
| 2022 | -19.3% | +0.5% |
| 2023 | +48.6% | -44.0% |
| 2024 | -7.4% | -12.7% |
| 2025 | -19.0% | +5.7% |
| 2026 | -17.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FWRG and VXZ good diversifiers for each other?
Yes. With a correlation of -0.26, FWRG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FWRG and VXZ?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.39 over the last year and -0.32 over 5 years.
Is VXZ a good diversifier for FWRG?
Yes. With a correlation of -0.26, FWRG and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/fwrg-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fwrg-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FWRG correlations · VXZ correlations
