DBL vs VXX: Correlation
DoubleLine Opportunistic Credit Fund (DBL) 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 -0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBL and VXX?
On 3 years of weekly data the DBL/VXX correlation comes out at -0.38, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.59 versus -0.38 over 3 years. The 5-year figure is -0.27, and annualized covariance runs at -160.5 %².
Out of 10 assets tracked against DBL, VXX lands near the bottom at #9. Their recent paths diverged sharply: over the last 12 months DBL outperformed by 49.2 percentage points (-0.5% for DBL against -49.7% for VXX). Note the risk asymmetry: VXX runs 8.8 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.
DBL vs VXX: side by side
| DBL (DoubleLine Opportunistic Credit Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.5% | -49.7% |
| 5-year return | +10.1% | -95.6% |
| Volatility (ann.) | 6.9% | 60.9% |
| Beta vs S&P 500 | 0.17 | -3.31 |
| Max drawdown (3Y) | -5.7% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | 21.1 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBL | VXX |
|---|---|---|
| 2022 | -15.8% | -23.8% |
| 2023 | +13.1% | -72.5% |
| 2024 | +10.0% | -26.2% |
| 2025 | +7.2% | -42.2% |
| 2026 | -1.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
FAQ
What is the correlation between DBL and VXX?
Using weekly returns as of 2026-08-27: -0.38 over 3 years, with -0.59 over the last year and -0.27 over 5 years.
Is VXX a good diversifier for DBL?
By historical standards, yes. A correlation of -0.38 means the two rarely move for the same reasons.
What does a correlation of -0.38 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/dbl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dbl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DBL correlations · VXX correlations
