FXI vs VXZ: Correlation
Measured on weekly returns over the past three years, iShares China Large-Cap ETF (FXI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FXI and VXZ?
On 3 years of weekly data the FXI/VXZ correlation comes out at -0.30, 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. The 5-year figure is -0.36, and annualized covariance runs at -194.6 %².
Out of 74 assets tracked against FXI, VXZ lands near the bottom at #73. Over the last 12 months FXI came out ahead by 10.0 percentage points (-6.1% 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.
FXI vs VXZ: side by side
| FXI (iShares China Large-Cap ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.1% | -16.1% |
| 5-year return | -1.4% | -53.1% |
| Volatility (ann.) | 25.3% | 25.6% |
| Beta vs S&P 500 | 0.68 | -1.31 |
| Max drawdown (3Y) | -23.2% | -36.4% |
| Dividend yield | 1.87% | – |
| Expense ratio | 0.73% | – |
| Assets under management | $4.3B | – |
| Sector / category | ETF · International | US Listed |
FXI, iShares's Greater China Region fund, carries $4.3B under management, 50 holdings, a 0.73% expense ratio, a 1.87% trailing dividend yield.
Year-by-year returns
| Year | FXI | VXZ |
|---|---|---|
| 2022 | -20.7% | +0.5% |
| 2023 | -12.4% | -44.0% |
| 2024 | +29.0% | -12.7% |
| 2025 | +28.9% | +5.7% |
| 2026 | -7.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FXI and VXZ good diversifiers for each other?
Yes. With a correlation of -0.30, FXI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FXI and VXZ?
The FXI/VXZ correlation stands at -0.30 on a 3-year window (1 year: -0.37, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for FXI?
Yes. With a correlation of -0.30, FXI and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
On the −1 to +1 scale, -0.30 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/fxi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fxi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FXI correlations · VXZ correlations
