BGR vs CF: Correlation
Measured on weekly returns over the past three years, BlackRock Energy and Resources Trust (BGR) and CF Industries (CF) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGR and CF?
Across a 3-year window, the weekly returns of BGR and CF correlate at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.57). Stretching to 5 years gives 0.46, with an annualized covariance of 368.0 %².
Within BGR's tracked universe of 19 assets, CF comes in at #10 by 3-year correlation. On 12-month performance CF holds a 13.3-point edge, +35.3% against +48.6%. One caveat on sizing: CF is 1.7 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.
BGR vs CF: side by side
| BGR (BlackRock Energy and Resources Trust) | CF (CF Industries) | |
|---|---|---|
| 1-year return | +35.3% | +48.6% |
| 5-year return | +165.0% | +211.5% |
| Volatility (ann.) | 19.7% | 32.8% |
| Beta vs S&P 500 | 0.21 | -0.20 |
| Max drawdown (3Y) | -18.3% | -29.2% |
| Market cap | $0.4B | $19.0B |
| P/E (trailing) | 10.8 | 9.3 |
| Dividend yield | 6.86% | 1.59% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | BGR | CF |
|---|---|---|
| 2022 | +38.9% | +22.3% |
| 2023 | +5.8% | -4.7% |
| 2024 | +8.1% | +10.1% |
| 2025 | +17.3% | -7.2% |
| 2026 | +30.7% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGR and CF good diversifiers for each other?
Only partially. A correlation of 0.57 means BGR and CF 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 BGR and CF?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.68 over the last year and 0.46 over 5 years.
Is CF a good diversifier for BGR?
Only partially. A correlation of 0.57 means BGR and CF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bgr-vs-cf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bgr-vs-cf/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGR correlations · CF correlations
