AA vs VXX: Correlation
Alcoa Corporation (AA) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and VXX?
Across a 3-year window, the weekly returns of AA and VXX correlate at -0.46, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.40) sits close to the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -1433.8 %².
Out of 12 assets tracked against AA, VXX lands near the bottom at #11. The last year tells two different stories: AA led by 111.9 percentage points, +62.2% for AA against -49.7% for VXX.
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.
AA vs VXX: side by side
| AA (Alcoa Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +62.2% | -49.7% |
| 5-year return | +22.3% | -95.6% |
| Volatility (ann.) | 50.8% | 60.9% |
| Beta vs S&P 500 | 1.71 | -3.31 |
| Max drawdown (3Y) | -52.3% | -83.3% |
| Market cap | $13.5B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | VXX |
|---|---|---|
| 2022 | -23.1% | -23.8% |
| 2023 | -24.3% | -72.5% |
| 2024 | +12.4% | -26.2% |
| 2025 | +42.5% | -42.2% |
| 2026 | -3.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and VXX good diversifiers for each other?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AA and VXX?
Using weekly returns as of 2026-08-27: -0.46 over 3 years, with -0.40 over the last year and -0.40 over 5 years.
Is VXX a good diversifier for AA?
Yes: at -0.46, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.46 mean?
A reading of -0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AA correlations · VXX correlations
