ASO vs VXZ: Correlation
How closely do Academy Sports and Outdoors, Inc. (ASO) 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 -0.42, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASO and VXZ?
Over the past 3 years, ASO and VXZ moved with a correlation of -0.42, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.21) runs above the 3-year figure (-0.42). Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -430.6 %².
Out of 16 assets tracked against ASO, VXZ lands near the bottom at #15. On 12-month performance VXZ holds a 7.4-point edge, -23.5% against -16.1%. One caveat on sizing: ASO is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| ASO (Academy Sports and Outdoors, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -23.5% | -16.1% |
| 5-year return | +2.0% | -53.1% |
| Volatility (ann.) | 39.7% | 25.6% |
| Beta vs S&P 500 | 1.26 | -1.31 |
| Max drawdown (3Y) | -54.2% | -36.4% |
| Market cap | $2.6B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 1.29% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASO | VXZ |
|---|---|---|
| 2022 | +20.6% | +0.5% |
| 2023 | +26.4% | -44.0% |
| 2024 | -12.2% | -12.7% |
| 2025 | -12.2% | +5.7% |
| 2026 | -14.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASO and VXZ good diversifiers for each other?
Yes. With a correlation of -0.42, ASO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ASO and VXZ?
Using weekly returns as of 2026-08-27: -0.42 over 3 years, with -0.21 over the last year and -0.40 over 5 years.
Is VXZ a good diversifier for ASO?
Yes. With a correlation of -0.42, ASO and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.42 mean?
A reading of -0.42 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/aso-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aso-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASO correlations · VXZ correlations
