DBL vs VXZ: Correlation
Measured on weekly returns over the past three years, DoubleLine Opportunistic Credit Fund (DBL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.38, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DBL and VXZ?
Across a 3-year window, the weekly returns of DBL and VXZ correlate at -0.38, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.57) than the 3-year average (-0.38). Stretching to 5 years gives -0.25, with an annualized covariance of -68.2 %².
Out of 10 assets tracked against DBL, VXZ lands near the bottom at #10. The last year tells two different stories: DBL led by 15.6 percentage points, -0.5% for DBL against -16.1% for VXZ. Note the risk asymmetry: VXZ runs 3.7 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 VXZ: side by side
| DBL (DoubleLine Opportunistic Credit Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -0.5% | -16.1% |
| 5-year return | +10.1% | -53.1% |
| Volatility (ann.) | 6.9% | 25.6% |
| Beta vs S&P 500 | 0.17 | -1.31 |
| Max drawdown (3Y) | -5.7% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 21.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DBL | VXZ |
|---|---|---|
| 2022 | -15.8% | +0.5% |
| 2023 | +13.1% | -44.0% |
| 2024 | +10.0% | -12.7% |
| 2025 | +7.2% | +5.7% |
| 2026 | -1.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DBL and VXZ 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 VXZ?
The DBL/VXZ correlation stands at -0.38 on a 3-year window (1 year: -0.57, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is VXZ 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?
On the −1 to +1 scale, -0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dbl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dbl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DBL correlations · VXZ correlations
