OBDC vs VXZ: Correlation
How closely do Blue Owl Capital Corporation (OBDC) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.47, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBDC and VXZ?
Across a 3-year window, the weekly returns of OBDC and VXZ correlate at -0.47, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.36) than the 3-year average (-0.47). Stretching to 5 years gives -0.51, with an annualized covariance of -230.7 %².
Among the 25 assets we track against OBDC, VXZ sits near the bottom by co-movement, at rank #25. The trailing year gives OBDC the advantage: -10.3% versus -16.1%, a 5.8-point spread.
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.
OBDC vs VXZ: side by side
| OBDC (Blue Owl Capital Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -10.3% | -16.1% |
| 5-year return | +34.0% | -53.1% |
| Volatility (ann.) | 19.2% | 25.6% |
| Beta vs S&P 500 | 0.71 | -1.31 |
| Max drawdown (3Y) | -23.9% | -36.4% |
| Market cap | $5.6B | – |
| P/E (trailing) | 20.1 | – |
| Dividend yield | 12.62% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OBDC | VXZ |
|---|---|---|
| 2022 | -9.5% | +0.5% |
| 2023 | +43.5% | -44.0% |
| 2024 | +14.7% | -12.7% |
| 2025 | -7.9% | +5.7% |
| 2026 | -3.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBDC and VXZ good diversifiers for each other?
Yes. With a correlation of -0.47, OBDC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OBDC and VXZ?
As of 2026-08-27, the correlation of weekly returns between OBDC and VXZ is -0.47 over 3 years, -0.36 over 1 year and -0.51 over 5 years.
Is VXZ a good diversifier for OBDC?
Yes. With a correlation of -0.47, OBDC and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.47 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/obdc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/obdc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OBDC correlations · VXZ correlations
