ASO vs VXX: Correlation
Academy Sports and Outdoors, Inc. (ASO) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and VXX?
On 3 years of weekly data the ASO/VXX correlation comes out at -0.45, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.12) runs above the 3-year figure (-0.45). The 5-year figure is -0.39, and annualized covariance runs at -1086.2 %².
VXX is close to the least connected end of ASO's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with ASO ahead by 26.2 points (-23.5% versus -49.7%). Risk is not evenly split, since VXX carries 1.5 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.
ASO vs VXX: side by side
| ASO (Academy Sports and Outdoors, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.5% | -49.7% |
| 5-year return | +2.0% | -95.6% |
| Volatility (ann.) | 39.7% | 60.9% |
| Beta vs S&P 500 | 1.26 | -3.31 |
| Max drawdown (3Y) | -54.2% | -83.3% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASO | VXX |
|---|---|---|
| 2022 | +20.6% | -23.8% |
| 2023 | +26.4% | -72.5% |
| 2024 | -12.2% | -26.2% |
| 2025 | -12.2% | -42.2% |
| 2026 | -14.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and VXX good diversifiers for each other?
Yes. With a correlation of -0.45, ASO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASO and VXX?
The ASO/VXX correlation stands at -0.45 on a 3-year window (1 year: -0.12, 5 years: -0.39), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for ASO?
Yes. With a correlation of -0.45, ASO and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.45 mean?
On the −1 to +1 scale, -0.45 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/aso-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aso-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASO correlations · VXX correlations
