AEO vs VXZ: Correlation
How closely do American Eagle Outfitters, Inc. (AEO) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEO and VXZ?
Across a 3-year window, the weekly returns of AEO and VXZ correlate at -0.32, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.40 lands near the 3-year figure. Stretching to 5 years gives -0.36, with an annualized covariance of -450.8 %².
Out of 14 assets tracked against AEO, VXZ lands near the bottom at #13. Correlation aside, the last 12 months split them widely, with AEO ahead by 45.8 points (+29.7% versus -16.1%). One caveat on sizing: AEO is 2.1 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.
AEO vs VXZ: side by side
| AEO (American Eagle Outfitters, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +29.7% | -16.1% |
| 5-year return | -39.1% | -53.1% |
| Volatility (ann.) | 54.2% | 25.6% |
| Beta vs S&P 500 | 1.21 | -1.31 |
| Max drawdown (3Y) | -63.1% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 10.5 | – |
| Dividend yield | 2.84% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEO | VXZ |
|---|---|---|
| 2022 | -43.4% | +0.5% |
| 2023 | +54.9% | -44.0% |
| 2024 | -19.3% | -12.7% |
| 2025 | +64.7% | +5.7% |
| 2026 | -35.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEO and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
FAQ
What is the correlation between AEO and VXZ?
The AEO/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.40, 5 years: -0.36), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AEO?
By historical standards, yes. A correlation of -0.32 means the two rarely move for the same reasons.
What does a correlation of -0.32 mean?
A reading of -0.32 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/aeo-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aeo-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEO correlations · VXZ correlations
