OWL vs VXX: Correlation
How closely do Blue Owl Capital Inc. (OWL) 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 -0.57, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OWL and VXX?
On 3 years of weekly data the OWL/VXX correlation comes out at -0.57, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.41 versus -0.57 over 3 years. The 5-year figure is -0.49, and annualized covariance runs at -1444.4 %².
VXX is close to the least connected end of OWL's tracked universe, ranking #16 of 16. Correlation aside, the last 12 months split them widely, with OWL ahead by 19.5 points (-30.2% versus -49.7%).
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.
OWL vs VXX: side by side
| OWL (Blue Owl Capital Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.2% | -49.7% |
| 5-year return | +8.2% | -95.6% |
| Volatility (ann.) | 41.9% | 60.9% |
| Beta vs S&P 500 | 1.77 | -3.31 |
| Max drawdown (3Y) | -67.1% | -83.3% |
| Market cap | $18.8B | – |
| P/E (trailing) | 100.2 | – |
| Dividend yield | 7.71% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OWL | VXX |
|---|---|---|
| 2022 | -26.3% | -23.8% |
| 2023 | +47.4% | -72.5% |
| 2024 | +61.8% | -26.2% |
| 2025 | -32.8% | -42.2% |
| 2026 | -14.4% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OWL and VXX good diversifiers for each other?
Yes. With a correlation of -0.57, OWL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OWL and VXX?
As of 2026-08-27, the correlation of weekly returns between OWL and VXX is -0.57 over 3 years, -0.41 over 1 year and -0.49 over 5 years.
Is VXX a good diversifier for OWL?
Yes. With a correlation of -0.57, OWL and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.57 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/owl-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/owl-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OWL correlations · VXX correlations
