AAL vs VXZ: Correlation
American Airlines Group, Inc. (AAL) 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 -0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and VXZ?
On 3 years of weekly data the AAL/VXZ correlation comes out at -0.39, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.55 versus -0.39 over 3 years. The 5-year figure is -0.45, and annualized covariance runs at -449.5 %².
Out of 22 assets tracked against AAL, VXZ lands near the bottom at #21. The last year tells two different stories: AAL led by 20.6 percentage points, +4.5% for AAL against -16.1% for VXZ. Note the risk asymmetry: AAL runs 1.8 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.
AAL vs VXZ: side by side
| AAL (American Airlines Group, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +4.5% | -16.1% |
| 5-year return | -29.7% | -53.1% |
| Volatility (ann.) | 45.3% | 25.6% |
| Beta vs S&P 500 | 1.29 | -1.31 |
| Max drawdown (3Y) | -51.4% | -36.4% |
| Market cap | $9.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAL | VXZ |
|---|---|---|
| 2022 | -29.2% | +0.5% |
| 2023 | +8.0% | -44.0% |
| 2024 | +26.9% | -12.7% |
| 2025 | -12.0% | +5.7% |
| 2026 | -10.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAL and VXZ?
The AAL/VXZ correlation stands at -0.39 on a 3-year window (1 year: -0.55, 5 years: -0.45), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AAL?
By historical standards, yes. A correlation of -0.39 means the two rarely move for the same reasons.
What does a correlation of -0.39 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/aal-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aal-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AAL correlations · VXZ correlations
