AOS vs VXZ: Correlation
A. O. Smith (AOS) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AOS and VXZ?
Over the past 3 years, AOS and VXZ moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.39 over 1 year against -0.32 over 3. Over 5 years the correlation is -0.41, and the annualized covariance of weekly returns is -194.7 %².
VXZ is close to the least connected end of AOS's tracked universe, ranking #32 of 33. Their 12-month results are close: -12.6% for AOS against -16.1% for VXZ.
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.
AOS vs VXZ: side by side
| AOS (A. O. Smith) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -12.6% | -16.1% |
| 5-year return | -6.7% | -53.1% |
| Volatility (ann.) | 23.5% | 25.6% |
| Beta vs S&P 500 | 0.67 | -1.31 |
| Max drawdown (3Y) | -36.9% | -36.4% |
| Market cap | $8.4B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 2.27% | – |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AOS | VXZ |
|---|---|---|
| 2022 | -32.1% | +0.5% |
| 2023 | +46.7% | -44.0% |
| 2024 | -15.9% | -12.7% |
| 2025 | +0.1% | +5.7% |
| 2026 | -5.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AOS and VXZ good diversifiers for each other?
Yes. With a correlation of -0.32, AOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AOS and VXZ?
The AOS/VXZ correlation stands at -0.32 on a 3-year window (1 year: -0.39, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for AOS?
Yes. With a correlation of -0.32, AOS and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/aos-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aos-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AOS correlations · VXZ correlations
