CALC vs OXLC: Correlation
How closely do CalciMedica, Inc. (CALC) and Oxford Lane Capital Corp. - Closed End Fund (OXLC) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALC and OXLC?
Over the past 3 years, CALC and OXLC moved with a correlation of 0.28, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.42 versus 0.28 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 942.1 %².
Few assets follow CALC as closely as OXLC, which ranks #1 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with OXLC ahead by 57.0 points (-83.8% versus -26.8%). Note the risk asymmetry: CALC runs 4.0 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.
CALC vs OXLC: side by side
| CALC (CalciMedica, Inc.) | OXLC (Oxford Lane Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -83.8% | -26.8% |
| 5-year return | n/a | -22.9% |
| Volatility (ann.) | 115.7% | 28.7% |
| Beta vs S&P 500 | 0.26 | 0.62 |
| Max drawdown (3Y) | -93.7% | -57.2% |
| Market cap | – | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 53.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CALC | OXLC |
|---|---|---|
| 2022 | – | -24.1% |
| 2023 | – | +16.5% |
| 2024 | +23.8% | +24.6% |
| 2025 | +86.2% | -24.4% |
| 2026 | -92.9% | -17.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALC and OXLC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CALC and OXLC?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.42 over the last year and n/a over 5 years.
Is OXLC a good diversifier for CALC?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 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/calc-vs-oxlc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/calc-vs-oxlc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CALC correlations · OXLC correlations
