APA vs VXX: Correlation
How closely do APA Corporation (APA) 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 -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and VXX?
Over the past 3 years, APA and VXX moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.22 versus -0.23 over 3 years. Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -594.5 %².
Among the 43 assets we track against APA, VXX sits near the bottom by co-movement, at rank #39. Their recent paths diverged sharply: over the last 12 months APA outperformed by 143.8 percentage points (+94.1% for APA against -49.7% for VXX).
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.
APA vs VXX: side by side
| APA (APA Corporation) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +94.1% | -49.7% |
| 5-year return | +164.2% | -95.6% |
| Volatility (ann.) | 41.8% | 60.9% |
| Beta vs S&P 500 | 0.38 | -3.31 |
| Max drawdown (3Y) | -67.4% | -83.3% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | VXX |
|---|---|---|
| 2022 | +76.4% | -23.8% |
| 2023 | -21.2% | -72.5% |
| 2024 | -33.4% | -26.2% |
| 2025 | +11.5% | -42.2% |
| 2026 | +77.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between APA and VXX?
The APA/VXX correlation stands at -0.23 on a 3-year window (1 year: 0.22, 5 years: -0.26), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for APA?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 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/apa-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apa-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APA correlations · VXX correlations
