ASPN vs VXZ: Correlation
How closely do Aspen Aerogels, Inc. (ASPN) 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 -0.31, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASPN and VXZ?
Across a 3-year window, the weekly returns of ASPN and VXZ correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.16) than the 3-year average (-0.31). Stretching to 5 years gives -0.35, with an annualized covariance of -691.8 %².
Among the 14 assets we track against ASPN, VXZ sits near the bottom by co-movement, at rank #14. The trailing year gives VXZ the advantage: -25.5% versus -16.1%, a 9.4-point spread. One caveat on sizing: ASPN is 3.4 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.
ASPN vs VXZ: side by side
| ASPN (Aspen Aerogels, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -25.5% | -16.1% |
| 5-year return | -88.1% | -53.1% |
| Volatility (ann.) | 88.3% | 25.6% |
| Beta vs S&P 500 | 2.05 | -1.31 |
| Max drawdown (3Y) | -91.9% | -36.4% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASPN | VXZ |
|---|---|---|
| 2022 | -76.3% | +0.5% |
| 2023 | +33.8% | -44.0% |
| 2024 | -24.7% | -12.7% |
| 2025 | -76.2% | +5.7% |
| 2026 | +84.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASPN and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between ASPN and VXZ?
As of 2026-08-27, the correlation of weekly returns between ASPN and VXZ is -0.31 over 3 years, -0.16 over 1 year and -0.35 over 5 years.
Is VXZ a good diversifier for ASPN?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/aspn-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aspn-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASPN correlations · VXZ correlations
