OCSL vs VXX: Correlation
How closely do Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.49, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCSL and VXX?
On 3 years of weekly data the OCSL/VXX correlation comes out at -0.49, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.33 versus -0.49 over 3 years. The 5-year figure is -0.49, and annualized covariance runs at -651.6 %².
VXX is close to the least connected end of OCSL's tracked universe, ranking #15 of 15. The last year tells two different stories: OCSL led by 55.1 percentage points, +5.4% for OCSL against -49.7% for VXX. Risk is not evenly split, since VXX carries 2.8 times the volatility of the other side.
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.
OCSL vs VXX: side by side
| OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.4% | -49.7% |
| 5-year return | +5.8% | -95.6% |
| Volatility (ann.) | 21.7% | 60.9% |
| Beta vs S&P 500 | 0.62 | -3.31 |
| Max drawdown (3Y) | -34.2% | -83.3% |
| Market cap | $1.1B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 11.49% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OCSL | VXX |
|---|---|---|
| 2022 | +3.7% | -23.8% |
| 2023 | +11.3% | -72.5% |
| 2024 | -15.1% | -26.2% |
| 2025 | -6.1% | -42.2% |
| 2026 | +8.7% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCSL and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between OCSL and VXX?
The OCSL/VXX correlation stands at -0.49 on a 3-year window (1 year: -0.33, 5 years: -0.49), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for OCSL?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 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/ocsl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ocsl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OCSL correlations · VXX correlations
