Blends of poly(vinyl chloride) (PVC) with polycaprolactone (PCL) of different compositions were prepared from solutions in tetrahydrofuran (THF). The dried blends were stretched at different temperatures above the glass transition, and the birefringence and mechanical properties were studied. It is shown that the birefringence of PVC and the 75/25 PVC/PCL blend follows an affine deformation scheme with a decreasing number of segments with deformation. The 50/50 PVC/PCL blend shows a complex orientation behavior because of the presence of crystallinity in the PCL phase. The mechanical properties of the blends are shown to increase with orientation, and the aggregate model is acceptably followed by the amorphous oriented blends.