BHK vs GBAB: Correlation
Blackrock Core Bond Trust (BHK) and Guggenheim Taxable Municipal Bond & Investment Grade Debt (GBAB) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and GBAB?
Over the past 3 years, BHK and GBAB moved with a correlation of 0.67, which is strong. Little has changed lately, as the 1-year reading of 0.63 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 111.6 %².
Within BHK's tracked universe of 17 assets, GBAB comes in at #8 by 3-year correlation. The trailing year gives BHK the advantage: +4.2% versus -1.0%, a 5.2-point spread.
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.
BHK vs GBAB: side by side
| BHK (Blackrock Core Bond Trust) | GBAB (Guggenheim Taxable Municipal Bond & Investment Grade Debt) | |
|---|---|---|
| 1-year return | +4.2% | -1.0% |
| 5-year return | -15.3% | -11.9% |
| Volatility (ann.) | 12.4% | 13.5% |
| Beta vs S&P 500 | 0.28 | 0.20 |
| Max drawdown (3Y) | -16.6% | -17.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | 12.9 | 11.7 |
| Dividend yield | 9.85% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHK | GBAB |
|---|---|---|
| 2022 | -32.6% | -25.1% |
| 2023 | +14.3% | +8.6% |
| 2024 | +3.9% | +2.9% |
| 2025 | +0.3% | +8.4% |
| 2026 | +1.6% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and GBAB good diversifiers for each other?
Only partially. A correlation of 0.67 means BHK and GBAB 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 BHK and GBAB?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.63 over the last year and 0.65 over 5 years.
Is GBAB a good diversifier for BHK?
Only partially. A correlation of 0.67 means BHK and GBAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
A reading of 0.67 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/bhk-vs-gbab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhk-vs-gbab/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BHK correlations · GBAB correlations
