TSLX vs VXX: Correlation
Measured on weekly returns over the past three years, Sixth Street Specialty Lending, Inc. (TSLX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.41, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TSLX and VXX?
Across a 3-year window, the weekly returns of TSLX and VXX correlate at -0.41, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.19) runs above the 3-year figure (-0.41). Stretching to 5 years gives -0.41, with an annualized covariance of -512.4 %².
Out of 22 assets tracked against TSLX, VXX lands near the bottom at #21. Correlation aside, the last 12 months split them widely, with TSLX ahead by 34.7 points (-15.0% versus -49.7%). One caveat on sizing: VXX is 3.0 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.
TSLX vs VXX: side by side
| TSLX (Sixth Street Specialty Lending, Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.0% | -49.7% |
| 5-year return | +35.2% | -95.6% |
| Volatility (ann.) | 20.5% | 60.9% |
| Beta vs S&P 500 | 0.60 | -3.31 |
| Max drawdown (3Y) | -29.0% | -83.3% |
| Market cap | $1.8B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 10.04% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TSLX | VXX |
|---|---|---|
| 2022 | -16.4% | -23.8% |
| 2023 | +35.3% | -72.5% |
| 2024 | +8.8% | -26.2% |
| 2025 | +11.5% | -42.2% |
| 2026 | -9.1% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TSLX and VXX good diversifiers for each other?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TSLX and VXX?
The TSLX/VXX correlation stands at -0.41 on a 3-year window (1 year: -0.19, 5 years: -0.41), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for TSLX?
Yes: at -0.41, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.41 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/tslx-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tslx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: TSLX correlations · VXX correlations
