OXLC vs XFLT: Correlation
Measured on weekly returns over the past three years, Oxford Lane Capital Corp. - Closed End Fund (OXLC) and XAI Floating Rate & Alternative Income Trust (XFLT) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXLC and XFLT?
Over the past 3 years, OXLC and XFLT moved with a correlation of 0.52, which is moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 264.0 %².
XFLT is one of the assets that tracks OXLC most closely: it ranks #3 out of the 12 assets we track against OXLC. Over the last 12 months XFLT came out ahead by 10.3 percentage points (-26.8% against -16.5%). One caveat on sizing: OXLC 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.
OXLC vs XFLT: side by side
| OXLC (Oxford Lane Capital Corp. - Closed End Fund) | XFLT (XAI Floating Rate & Alternative Income Trust) | |
|---|---|---|
| 1-year return | -26.8% | -16.5% |
| 5-year return | -22.9% | -11.0% |
| Volatility (ann.) | 28.7% | 17.7% |
| Beta vs S&P 500 | 0.62 | 0.36 |
| Max drawdown (3Y) | -57.2% | -47.0% |
| Market cap | $0.9B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 53.57% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OXLC | XFLT |
|---|---|---|
| 2022 | -24.1% | -20.3% |
| 2023 | +16.5% | +30.4% |
| 2024 | +24.6% | +7.4% |
| 2025 | -24.4% | -15.3% |
| 2026 | -17.9% | -9.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXLC and XFLT good diversifiers for each other?
Only partially. A correlation of 0.52 means OXLC and XFLT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between OXLC and XFLT?
The OXLC/XFLT correlation stands at 0.52 on a 3-year window (1 year: 0.57, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is XFLT a good diversifier for OXLC?
Only partially. A correlation of 0.52 means OXLC and XFLT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/oxlc-vs-xflt/)
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Related comparisons
Hubs: OXLC correlations · XFLT correlations
