TSLX vs VXZ: Correlation
How closely do Sixth Street Specialty Lending, Inc. (TSLX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.43, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TSLX and VXZ?
Across a 3-year window, the weekly returns of TSLX and VXZ correlate at -0.43, negative, meaning they tend to move in opposite directions. The past 12 months show a tighter link (-0.30) than the 3-year average (-0.43). Stretching to 5 years gives -0.47, with an annualized covariance of -225.5 %².
Out of 22 assets tracked against TSLX, VXZ lands near the bottom at #22. Their 12-month results are close: -15.0% for TSLX against -16.1% for VXZ.
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 VXZ: side by side
| TSLX (Sixth Street Specialty Lending, Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | -15.0% | -16.1% |
| 5-year return | +35.2% | -53.1% |
| Volatility (ann.) | 20.5% | 25.6% |
| Beta vs S&P 500 | 0.60 | -1.31 |
| Max drawdown (3Y) | -29.0% | -36.4% |
| Market cap | $1.8B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 10.04% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TSLX | VXZ |
|---|---|---|
| 2022 | -16.4% | +0.5% |
| 2023 | +35.3% | -44.0% |
| 2024 | +8.8% | -12.7% |
| 2025 | +11.5% | +5.7% |
| 2026 | -9.1% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TSLX and VXZ good diversifiers for each other?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TSLX and VXZ?
The TSLX/VXZ correlation stands at -0.43 on a 3-year window (1 year: -0.30, 5 years: -0.47), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for TSLX?
Yes: at -0.43, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.43 mean?
A reading of -0.43 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/tslx-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tslx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TSLX correlations · VXZ correlations
