AA vs VXZ: Correlation
Alcoa Corporation (AA) 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 -0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and VXZ?
Over the past 3 years, AA and VXZ moved with a correlation of -0.46, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.41 lands near the 3-year figure. Over 5 years the correlation is -0.45, and the annualized covariance of weekly returns is -601.0 %².
VXZ is close to the least connected end of AA's tracked universe, ranking #12 of 12. Correlation aside, the last 12 months split them widely, with AA ahead by 78.3 points (+62.2% versus -16.1%). One caveat on sizing: AA is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| AA (Alcoa Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +62.2% | -16.1% |
| 5-year return | +22.3% | -53.1% |
| Volatility (ann.) | 50.8% | 25.6% |
| Beta vs S&P 500 | 1.71 | -1.31 |
| Max drawdown (3Y) | -52.3% | -36.4% |
| Market cap | $13.5B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 0.80% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | VXZ |
|---|---|---|
| 2022 | -23.1% | +0.5% |
| 2023 | -24.3% | -44.0% |
| 2024 | +12.4% | -12.7% |
| 2025 | +42.5% | +5.7% |
| 2026 | -3.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
FAQ
What is the correlation between AA and VXZ?
The AA/VXZ correlation stands at -0.46 on a 3-year window (1 year: -0.41, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AA?
By historical standards, yes. A correlation of -0.46 means the two rarely move for the same reasons.
What does a correlation of -0.46 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/aa-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aa-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AA correlations · VXZ correlations
