AP vs VXX: Correlation
Measured on weekly returns over the past three years, Ampco-Pittsburgh Corporation (AP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and VXX?
On 3 years of weekly data the AP/VXX correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.22, and annualized covariance runs at -1409.7 %².
Among the 14 assets we track against AP, VXX sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with AP ahead by 282.3 points (+232.6% versus -49.7%). Note the risk asymmetry: AP runs 1.6 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.
AP vs VXX: side by side
| AP (Ampco-Pittsburgh Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +232.6% | -49.7% |
| 5-year return | +90.5% | -95.6% |
| Volatility (ann.) | 94.5% | 60.9% |
| Beta vs S&P 500 | 1.63 | -3.31 |
| Max drawdown (3Y) | -77.6% | -83.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AP | VXX |
|---|---|---|
| 2022 | -49.8% | -23.8% |
| 2023 | +8.8% | -72.5% |
| 2024 | -23.4% | -26.2% |
| 2025 | +155.0% | -42.2% |
| 2026 | +72.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and VXX good diversifiers for each other?
Yes. With a correlation of -0.24, AP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AP and VXX?
As of 2026-08-27, the correlation of weekly returns between AP and VXX is -0.24 over 3 years, -0.30 over 1 year and -0.22 over 5 years.
Is VXX a good diversifier for AP?
Yes. With a correlation of -0.24, AP and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/ap-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ap-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AP correlations · VXX correlations
