OWL vs VXZ: Correlation
Blue Owl Capital Inc. (OWL) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OWL and VXZ?
Over the past 3 years, OWL and VXZ moved with a correlation of -0.55, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.39) runs above the 3-year figure (-0.55). Over 5 years the correlation is -0.49, and the annualized covariance of weekly returns is -589.0 %².
VXZ is close to the least connected end of OWL's tracked universe, ranking #15 of 16. Over the last 12 months VXZ came out ahead by 14.1 percentage points (-30.2% against -16.1%). One caveat on sizing: OWL is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXZ: side by side
| OWL (Blue Owl Capital Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.2% | -16.1% |
| 5-year return | +8.2% | -53.1% |
| Volatility (ann.) | 41.9% | 25.6% |
| Beta vs S&P 500 | 1.77 | -1.31 |
| Max drawdown (3Y) | -67.1% | -36.4% |
| Market cap | $18.8B | – |
| P/E (trailing) | 100.2 | – |
| Dividend yield | 7.71% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OWL | VXZ |
|---|---|---|
| 2022 | -26.3% | +0.5% |
| 2023 | +47.4% | -44.0% |
| 2024 | +61.8% | -12.7% |
| 2025 | -32.8% | +5.7% |
| 2026 | -14.4% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OWL and VXZ good diversifiers for each other?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OWL and VXZ?
As of 2026-08-27, the correlation of weekly returns between OWL and VXZ is -0.55 over 3 years, -0.39 over 1 year and -0.49 over 5 years.
Is VXZ a good diversifier for OWL?
Yes: at -0.55, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.55 mean?
On the −1 to +1 scale, -0.55 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/owl-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/owl-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OWL correlations · VXZ correlations
