AIR vs VXX: Correlation
How closely do AAR Corp. (AIR) 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 -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIR and VXX?
Across a 3-year window, the weekly returns of AIR and VXX correlate at -0.44, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.44 over 3. Stretching to 5 years gives -0.44, with an annualized covariance of -1011.1 %².
Among the 10 assets we track against AIR, VXX sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with AIR ahead by 128.9 points (+79.2% versus -49.7%). Risk is not evenly split, since VXX carries 1.6 times the volatility of the other side.
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.
AIR vs VXX: side by side
| AIR (AAR Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +79.2% | -49.7% |
| 5-year return | +302.1% | -95.6% |
| Volatility (ann.) | 37.3% | 60.9% |
| Beta vs S&P 500 | 1.06 | -3.31 |
| Max drawdown (3Y) | -35.7% | -83.3% |
| Market cap | $5.5B | – |
| P/E (trailing) | 28.0 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIR | VXX |
|---|---|---|
| 2022 | +15.0% | -23.8% |
| 2023 | +39.0% | -72.5% |
| 2024 | -1.8% | -26.2% |
| 2025 | +35.1% | -42.2% |
| 2026 | +64.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIR and VXX good diversifiers for each other?
Yes. With a correlation of -0.44, AIR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AIR and VXX?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.34 over the last year and -0.44 over 5 years.
Is VXX a good diversifier for AIR?
Yes. With a correlation of -0.44, AIR and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.44 mean?
On the −1 to +1 scale, -0.44 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/air-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/air-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIR correlations · VXX correlations
