BBN vs TLT: Correlation
Measured on weekly returns over the past three years, BlackRock Taxable Municipal Bond Trust (BBN) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBN and TLT?
Over the past 3 years, BBN and TLT moved with a correlation of 0.72, which is strong. The past 12 months show a weaker link (0.60) than the 3-year average (0.72). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 118.4 %².
By 3-year correlation, TLT places #9 of the 18 assets tracked against BBN. Neither side won the trailing year by much: +4.4% against +0.3%.
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.
BBN vs TLT: side by side
| BBN (BlackRock Taxable Municipal Bond Trust) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +4.4% | +0.3% |
| 5-year return | -14.4% | -34.0% |
| Volatility (ann.) | 12.3% | 13.5% |
| Beta vs S&P 500 | 0.26 | 0.11 |
| Max drawdown (3Y) | -11.8% | -14.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 0.00% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | BBN | TLT |
|---|---|---|
| 2022 | -31.0% | -31.2% |
| 2023 | +3.6% | +2.8% |
| 2024 | +6.0% | -8.1% |
| 2025 | +8.6% | +4.2% |
| 2026 | +2.3% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBN and TLT good diversifiers for each other?
Only partially. A correlation of 0.72 means BBN and TLT 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 BBN and TLT?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.60 over the last year and 0.69 over 5 years.
Is TLT a good diversifier for BBN?
Only partially. A correlation of 0.72 means BBN and TLT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
A reading of 0.72 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/bbn-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bbn-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBN correlations · TLT correlations
