AAOI vs VXZ: Correlation
Measured on weekly returns over the past three years, Applied Optoelectronics, Inc. (AAOI) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAOI and VXZ?
Across a 3-year window, the weekly returns of AAOI and VXZ correlate at -0.36, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.06 versus -0.36 over 3 years. Stretching to 5 years gives -0.30, with an annualized covariance of -1114.0 %².
Out of 11 assets tracked against AAOI, VXZ lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months AAOI outperformed by 387.1 percentage points (+371.0% for AAOI against -16.1% for VXZ). Note the risk asymmetry: AAOI runs 4.7 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 VXZ: side by side
| AAOI (Applied Optoelectronics, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +371.0% | -16.1% |
| 5-year return | +1456.0% | -53.1% |
| Volatility (ann.) | 119.6% | 25.6% |
| Beta vs S&P 500 | 3.25 | -1.31 |
| Max drawdown (3Y) | -77.2% | -36.4% |
| Market cap | $9.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAOI | VXZ |
|---|---|---|
| 2022 | -63.2% | +0.5% |
| 2023 | +922.2% | -44.0% |
| 2024 | +90.8% | -12.7% |
| 2025 | -5.4% | +5.7% |
| 2026 | +225.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAOI and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAOI and VXZ?
As of 2026-08-27, the correlation of weekly returns between AAOI and VXZ is -0.36 over 3 years, -0.06 over 1 year and -0.30 over 5 years.
Is VXZ a good diversifier for AAOI?
By historical standards, yes. A correlation of -0.36 means the two rarely move for the same reasons.
What does a correlation of -0.36 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/aaoi-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aaoi-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AAOI correlations · VXZ correlations
