AIT vs VXX: Correlation
Applied Industrial Technologies, Inc. (AIT) 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 -0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and VXX?
Across a 3-year window, the weekly returns of AIT and VXX correlate at -0.52, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.38) than the 3-year average (-0.52). Stretching to 5 years gives -0.48, with an annualized covariance of -819.0 %².
Out of 26 assets tracked against AIT, VXX lands near the bottom at #25. Correlation aside, the last 12 months split them widely, with AIT ahead by 76.6 points (+26.9% versus -49.7%). One caveat on sizing: VXX is 2.3 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.
AIT vs VXX: side by side
| AIT (Applied Industrial Technologies, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.9% | -49.7% |
| 5-year return | +291.4% | -95.6% |
| Volatility (ann.) | 26.0% | 60.9% |
| Beta vs S&P 500 | 1.03 | -3.31 |
| Max drawdown (3Y) | -26.4% | -83.3% |
| Market cap | $12.4B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 0.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AIT | VXX |
|---|---|---|
| 2022 | +24.2% | -23.8% |
| 2023 | +38.4% | -72.5% |
| 2024 | +39.7% | -26.2% |
| 2025 | +8.0% | -42.2% |
| 2026 | +32.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and VXX good diversifiers for each other?
Yes. With a correlation of -0.52, AIT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AIT and VXX?
Using weekly returns as of 2026-08-27: -0.52 over 3 years, with -0.38 over the last year and -0.48 over 5 years.
Is VXX a good diversifier for AIT?
Yes. With a correlation of -0.52, AIT and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.52 mean?
A reading of -0.52 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/ait-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ait-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AIT correlations · VXX correlations
