CGBD vs VXX: Correlation
Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) 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 -0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and VXX?
On 3 years of weekly data the CGBD/VXX correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.34) runs above the 3-year figure (-0.47). The 5-year figure is -0.46, and annualized covariance runs at -622.4 %².
Out of 18 assets tracked against CGBD, VXX lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with CGBD ahead by 45.8 points (-3.9% versus -49.7%). Note the risk asymmetry: VXX runs 2.8 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.
CGBD vs VXX: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -3.9% | -49.7% |
| 5-year return | +52.6% | -95.6% |
| Volatility (ann.) | 21.6% | 60.9% |
| Beta vs S&P 500 | 0.67 | -3.31 |
| Max drawdown (3Y) | -35.1% | -83.3% |
| Market cap | $0.8B | – |
| P/E (trailing) | 22.4 | – |
| Dividend yield | 13.68% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | VXX |
|---|---|---|
| 2022 | +17.7% | -23.8% |
| 2023 | +18.0% | -72.5% |
| 2024 | +33.5% | -26.2% |
| 2025 | -21.5% | -42.2% |
| 2026 | +0.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
FAQ
What is the correlation between CGBD and VXX?
The CGBD/VXX correlation stands at -0.47 on a 3-year window (1 year: -0.34, 5 years: -0.46), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CGBD?
By historical standards, yes. A correlation of -0.47 means the two rarely move for the same reasons.
What does a correlation of -0.47 mean?
A reading of -0.47 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/cgbd-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CGBD correlations · VXX correlations
