AEF vs VXX: Correlation
abrdn Emerging Markets ex-China Fund, Inc. (AEF) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEF and VXX?
Across a 3-year window, the weekly returns of AEF and VXX correlate at -0.53, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.67 versus -0.53 over 3 years. Stretching to 5 years gives -0.48, with an annualized covariance of -765.6 %².
Among the 21 assets we track against AEF, VXX sits near the bottom by co-movement, at rank #20. Their recent paths diverged sharply: over the last 12 months AEF outperformed by 119.1 percentage points (+69.4% for AEF against -49.7% for VXX). One caveat on sizing: VXX is 2.6 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.
AEF vs VXX: side by side
| AEF (abrdn Emerging Markets ex-China Fund, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.4% | -49.7% |
| 5-year return | +66.6% | -95.6% |
| Volatility (ann.) | 23.7% | 60.9% |
| Beta vs S&P 500 | 1.08 | -3.31 |
| Max drawdown (3Y) | -20.0% | -83.3% |
| Market cap | $0.4B | – |
| P/E (trailing) | 4.1 | – |
| Dividend yield | 6.80% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEF | VXX |
|---|---|---|
| 2022 | -29.6% | -23.8% |
| 2023 | +7.1% | -72.5% |
| 2024 | +9.4% | -26.2% |
| 2025 | +50.2% | -42.2% |
| 2026 | +41.8% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEF and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
FAQ
What is the correlation between AEF and VXX?
The AEF/VXX correlation stands at -0.53 on a 3-year window (1 year: -0.67, 5 years: -0.48), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for AEF?
By historical standards, yes. A correlation of -0.53 means the two rarely move for the same reasons.
What does a correlation of -0.53 mean?
A reading of -0.53 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/aef-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aef-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEF correlations · VXX correlations
