OXLC vs VXZ: Correlation
Oxford Lane Capital Corp. - Closed End Fund (OXLC) 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 -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXLC and VXZ?
On 3 years of weekly data the OXLC/VXZ correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.34 over 1 year against -0.31 over 3. The 5-year figure is -0.33, and annualized covariance runs at -226.0 %².
VXZ is close to the least connected end of OXLC's tracked universe, ranking #12 of 12. On 12-month performance VXZ holds a 10.7-point edge, -26.8% against -16.1%.
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 VXZ: side by side
| OXLC (Oxford Lane Capital Corp. - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -26.8% | -16.1% |
| 5-year return | -22.9% | -53.1% |
| Volatility (ann.) | 28.7% | 25.6% |
| Beta vs S&P 500 | 0.62 | -1.31 |
| Max drawdown (3Y) | -57.2% | -36.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 53.57% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OXLC | VXZ |
|---|---|---|
| 2022 | -24.1% | +0.5% |
| 2023 | +16.5% | -44.0% |
| 2024 | +24.6% | -12.7% |
| 2025 | -24.4% | +5.7% |
| 2026 | -17.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXLC and VXZ good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OXLC and VXZ?
The OXLC/VXZ correlation stands at -0.31 on a 3-year window (1 year: -0.34, 5 years: -0.33), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for OXLC?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 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/oxlc-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oxlc-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OXLC correlations · VXZ correlations
