AP vs VXZ: Correlation
How closely do Ampco-Pittsburgh Corporation (AP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AP and VXZ?
On 3 years of weekly data the AP/VXZ correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. The 5-year figure is -0.19, and annualized covariance runs at -503.5 %².
Among the 14 assets we track against AP, VXZ sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months AP outperformed by 248.7 percentage points (+232.6% for AP against -16.1% for VXZ). Risk is not evenly split, since AP carries 3.7 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.
AP vs VXZ: side by side
| AP (Ampco-Pittsburgh Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +232.6% | -16.1% |
| 5-year return | +90.5% | -53.1% |
| Volatility (ann.) | 94.5% | 25.6% |
| Beta vs S&P 500 | 1.63 | -1.31 |
| Max drawdown (3Y) | -77.6% | -36.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AP | VXZ |
|---|---|---|
| 2022 | -49.8% | +0.5% |
| 2023 | +8.8% | -44.0% |
| 2024 | -23.4% | -12.7% |
| 2025 | +155.0% | +5.7% |
| 2026 | +72.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.21, AP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AP and VXZ?
As of 2026-08-27, the correlation of weekly returns between AP and VXZ is -0.21 over 3 years, -0.23 over 1 year and -0.19 over 5 years.
Is VXZ a good diversifier for AP?
Yes. With a correlation of -0.21, AP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/ap-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ap-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AP correlations · VXZ correlations
