OXLC vs VXX: Correlation
Oxford Lane Capital Corp. - Closed End Fund (OXLC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXLC and VXX?
On 3 years of weekly data the OXLC/VXX correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.28, and annualized covariance runs at -492.7 %².
Among the 12 assets we track against OXLC, VXX sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with OXLC ahead by 22.9 points (-26.8% versus -49.7%). Note the risk asymmetry: VXX runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OXLC vs VXX: side by side
| OXLC (Oxford Lane Capital Corp. - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.8% | -49.7% |
| 5-year return | -22.9% | -95.6% |
| Volatility (ann.) | 28.7% | 60.9% |
| Beta vs S&P 500 | 0.62 | -3.31 |
| Max drawdown (3Y) | -57.2% | -83.3% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 53.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OXLC | VXX |
|---|---|---|
| 2022 | -24.1% | -23.8% |
| 2023 | +16.5% | -72.5% |
| 2024 | +24.6% | -26.2% |
| 2025 | -24.4% | -42.2% |
| 2026 | -17.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXLC and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between OXLC and VXX?
As of 2026-08-27, the correlation of weekly returns between OXLC and VXX is -0.28 over 3 years, -0.25 over 1 year and -0.28 over 5 years.
Is VXX a good diversifier for OXLC?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/oxlc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oxlc-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OXLC correlations · VXX correlations
