BXSL vs VXX: Correlation
How closely do Blackstone Secured Lending Fund (BXSL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.44, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXSL and VXX?
Over the past 3 years, BXSL and VXX moved with a correlation of -0.44, which is negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.32) than the 3-year average (-0.44). Over 5 years the correlation is -0.34, and the annualized covariance of weekly returns is -471.6 %².
Among the 11 assets we track against BXSL, VXX sits near the bottom by co-movement, at rank #10. Correlation aside, the last 12 months split them widely, with BXSL ahead by 43.4 points (-6.3% versus -49.7%). Note the risk asymmetry: VXX runs 3.5 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.
BXSL vs VXX: side by side
| BXSL (Blackstone Secured Lending Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -6.3% | -49.7% |
| 5-year return | +49.3% | -95.6% |
| Volatility (ann.) | 17.4% | 60.9% |
| Beta vs S&P 500 | 0.45 | -3.31 |
| Max drawdown (3Y) | -24.2% | -83.3% |
| Market cap | $5.8B | – |
| P/E (trailing) | 19.6 | – |
| Dividend yield | 12.35% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXSL | VXX |
|---|---|---|
| 2022 | -26.0% | -23.8% |
| 2023 | +37.8% | -72.5% |
| 2024 | +29.0% | -26.2% |
| 2025 | -9.4% | -42.2% |
| 2026 | +0.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXSL and VXX good diversifiers for each other?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BXSL and VXX?
Using weekly returns as of 2026-08-27: -0.44 over 3 years, with -0.32 over the last year and -0.34 over 5 years.
Is VXX a good diversifier for BXSL?
Yes: at -0.44, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.44 mean?
A reading of -0.44 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/bxsl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bxsl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BXSL correlations · VXX correlations
