AAON vs VXZ: Correlation
AAON, Inc. (AAON) 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 -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and VXZ?
Over the past 3 years, AAON and VXZ moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.08) runs above the 3-year figure (-0.26). Over 5 years the correlation is -0.30, and the annualized covariance of weekly returns is -364.1 %².
VXZ is close to the least connected end of AAON's tracked universe, ranking #9 of 11. Over the last 12 months AAON came out ahead by 8.7 percentage points (-7.4% against -16.1%). Note the risk asymmetry: AAON runs 2.1 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.
AAON vs VXZ: side by side
| AAON (AAON, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -7.4% | -16.1% |
| 5-year return | +73.5% | -53.1% |
| Volatility (ann.) | 54.9% | 25.6% |
| Beta vs S&P 500 | 1.58 | -1.31 |
| Max drawdown (3Y) | -48.9% | -36.4% |
| Market cap | $6.4B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 0.50% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAON | VXZ |
|---|---|---|
| 2022 | -4.6% | +0.5% |
| 2023 | +47.9% | -44.0% |
| 2024 | +59.9% | -12.7% |
| 2025 | -34.9% | +5.7% |
| 2026 | +2.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and VXZ good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AAON and VXZ?
The AAON/VXZ correlation stands at -0.26 on a 3-year window (1 year: -0.08, 5 years: -0.30), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AAON?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/aaon-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aaon-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AAON correlations · VXZ correlations
