AAOI vs VXX: Correlation
How closely do Applied Optoelectronics, Inc. (AAOI) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAOI and VXX?
Over the past 3 years, AAOI and VXX moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.11 versus -0.34 over 3 years. Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -2451.7 %².
VXX is close to the least connected end of AAOI's tracked universe, ranking #10 of 11. Their recent paths diverged sharply: over the last 12 months AAOI outperformed by 420.7 percentage points (+371.0% for AAOI against -49.7% for VXX). Note the risk asymmetry: AAOI runs 2.0 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.
AAOI vs VXX: side by side
| AAOI (Applied Optoelectronics, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +371.0% | -49.7% |
| 5-year return | +1456.0% | -95.6% |
| Volatility (ann.) | 119.6% | 60.9% |
| Beta vs S&P 500 | 3.25 | -3.31 |
| Max drawdown (3Y) | -77.2% | -83.3% |
| Market cap | $9.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAOI | VXX |
|---|---|---|
| 2022 | -63.2% | -23.8% |
| 2023 | +922.2% | -72.5% |
| 2024 | +90.8% | -26.2% |
| 2025 | -5.4% | -42.2% |
| 2026 | +225.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAOI and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAOI and VXX?
As of 2026-08-27, the correlation of weekly returns between AAOI and VXX is -0.34 over 3 years, -0.11 over 1 year and -0.24 over 5 years.
Is VXX a good diversifier for AAOI?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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/aaoi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aaoi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AAOI correlations · VXX correlations
