OCSL vs VXZ: Correlation
Measured on weekly returns over the past three years, Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.47, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OCSL and VXZ?
On 3 years of weekly data the OCSL/VXZ correlation comes out at -0.47, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.42) sits close to the 3-year figure. The 5-year figure is -0.49, and annualized covariance runs at -260.5 %².
Out of 15 assets tracked against OCSL, VXZ lands near the bottom at #14. The last year tells two different stories: OCSL led by 21.5 percentage points, +5.4% for OCSL against -16.1% for VXZ.
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 VXZ: side by side
| OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +5.4% | -16.1% |
| 5-year return | +5.8% | -53.1% |
| Volatility (ann.) | 21.7% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -34.2% | -36.4% |
| Market cap | $1.1B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 11.49% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OCSL | VXZ |
|---|---|---|
| 2022 | +3.7% | +0.5% |
| 2023 | +11.3% | -44.0% |
| 2024 | -15.1% | -12.7% |
| 2025 | -6.1% | +5.7% |
| 2026 | +8.7% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OCSL and VXZ good diversifiers for each other?
Yes. With a correlation of -0.47, OCSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OCSL and VXZ?
Using weekly returns as of 2026-08-27: -0.47 over 3 years, with -0.42 over the last year and -0.49 over 5 years.
Is VXZ a good diversifier for OCSL?
Yes. With a correlation of -0.47, OCSL and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/ocsl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ocsl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OCSL correlations · VXZ correlations
