BGT vs FRA: Correlation
Measured on weekly returns over the past three years, BlackRock Floating Rate Income Trust (BGT) and Blackrock Floating Rate Income Strategies Fund Inc (FRA) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGT and FRA?
Across a 3-year window, the weekly returns of BGT and FRA correlate at 0.76, strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 109.7 %².
FRA is one of the assets that tracks BGT most closely: it ranks #1 out of the 11 assets we track against BGT. On 12-month performance BGT holds a 7.3-point edge, +0.8% against -6.5%.
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.
BGT vs FRA: side by side
| BGT (BlackRock Floating Rate Income Trust) | FRA (Blackrock Floating Rate Income Strategies Fund Inc) | |
|---|---|---|
| 1-year return | +0.8% | -6.5% |
| 5-year return | +41.9% | +37.4% |
| Volatility (ann.) | 12.4% | 11.6% |
| Beta vs S&P 500 | 0.46 | 0.44 |
| Max drawdown (3Y) | -15.9% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 15.6 | 15.6 |
| Dividend yield | 13.12% | 13.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BGT | FRA |
|---|---|---|
| 2022 | -16.6% | -10.6% |
| 2023 | +26.3% | +25.5% |
| 2024 | +16.1% | +21.6% |
| 2025 | -0.9% | -3.7% |
| 2026 | +6.6% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGT and FRA good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BGT and FRA?
As of 2026-08-27, the correlation of weekly returns between BGT and FRA is 0.76 over 3 years, 0.80 over 1 year and 0.77 over 5 years.
Is FRA a good diversifier for BGT?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 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/bgt-vs-fra.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bgt-vs-fra/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BGT correlations · FRA correlations
