APP vs VXX: Correlation
Measured on weekly returns over the past three years, AppLovin (APP) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.45, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APP and VXX?
Across a 3-year window, the weekly returns of APP and VXX correlate at -0.45, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.45). Stretching to 5 years gives -0.42, with an annualized covariance of -2327.6 %².
VXX is close to the least connected end of APP's tracked universe, ranking #42 of 44. Their recent paths diverged sharply: over the last 12 months APP outperformed by 17.2 percentage points (-32.5% for APP 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.
APP vs VXX: side by side
| APP (AppLovin) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -32.5% | -49.7% |
| 5-year return | +326.5% | -95.6% |
| Volatility (ann.) | 84.3% | 60.9% |
| Beta vs S&P 500 | 3.10 | -3.31 |
| Max drawdown (3Y) | -59.3% | -83.3% |
| Market cap | $105.0B | – |
| P/E (trailing) | 23.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | APP | VXX |
|---|---|---|
| 2022 | -88.8% | -23.8% |
| 2023 | +278.4% | -72.5% |
| 2024 | +712.6% | -26.2% |
| 2025 | +108.1% | -42.2% |
| 2026 | -53.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APP and VXX good diversifiers for each other?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between APP and VXX?
Using weekly returns as of 2026-08-27: -0.45 over 3 years, with -0.32 over the last year and -0.42 over 5 years.
Is VXX a good diversifier for APP?
Yes: at -0.45, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/app-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/app-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APP correlations · VXX correlations
