AFG vs VXX: Correlation
How closely do American Financial Group, Inc. (AFG) 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 -0.32, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFG and VXX?
Over the past 3 years, AFG and VXX moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.13) than the 3-year average (-0.32). Over 5 years the correlation is -0.39, and the annualized covariance of weekly returns is -385.4 %².
VXX is close to the least connected end of AFG's tracked universe, ranking #18 of 19. Their recent paths diverged sharply: over the last 12 months AFG outperformed by 60.1 percentage points (+10.4% for AFG against -49.7% for VXX). Note the risk asymmetry: VXX runs 3.1 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.
AFG vs VXX: side by side
| AFG (American Financial Group, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +10.4% | -49.7% |
| 5-year return | +56.7% | -95.6% |
| Volatility (ann.) | 19.5% | 60.9% |
| Beta vs S&P 500 | 0.43 | -3.31 |
| Max drawdown (3Y) | -19.8% | -83.3% |
| Market cap | $11.8B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 2.43% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFG | VXX |
|---|---|---|
| 2022 | +10.9% | -23.8% |
| 2023 | -7.6% | -72.5% |
| 2024 | +23.8% | -26.2% |
| 2025 | +5.4% | -42.2% |
| 2026 | +7.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFG and VXX 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 AFG and VXX?
As of 2026-08-27, the correlation of weekly returns between AFG and VXX is -0.32 over 3 years, -0.13 over 1 year and -0.39 over 5 years.
Is VXX a good diversifier for AFG?
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?
On the −1 to +1 scale, -0.32 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afg-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/afg-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AFG correlations · VXX correlations
