AWI vs VXX: Correlation
Armstrong World Industries Inc (AWI) 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 -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWI and VXX?
Across a 3-year window, the weekly returns of AWI and VXX correlate at -0.40, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Stretching to 5 years gives -0.40, with an annualized covariance of -665.1 %².
Among the 15 assets we track against AWI, VXX sits near the bottom by co-movement, at rank #14. Their recent paths diverged sharply: over the last 12 months AWI outperformed by 39.2 percentage points (-10.5% for AWI against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AWI vs VXX: side by side
| AWI (Armstrong World Industries Inc) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.5% | -49.7% |
| 5-year return | +76.7% | -95.6% |
| Volatility (ann.) | 27.3% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -25.2% | -83.3% |
| Market cap | $7.4B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.76% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWI | VXX |
|---|---|---|
| 2022 | -40.3% | -23.8% |
| 2023 | +45.4% | -72.5% |
| 2024 | +45.1% | -26.2% |
| 2025 | +36.2% | -42.2% |
| 2026 | -7.6% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWI and VXX good diversifiers for each other?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AWI and VXX?
The AWI/VXX correlation stands at -0.40 on a 3-year window (1 year: -0.31, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for AWI?
Yes: at -0.40, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.40 mean?
A reading of -0.40 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/awi-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/awi-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AWI correlations · VXX correlations
