BHK vs NRT: Correlation
Blackrock Core Bond Trust (BHK) and North European Oil Royality Trust (NRT) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and NRT?
On 3 years of weekly data the BHK/NRT correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.31 over 1 year against -0.23 over 3. The 5-year figure is 0.02, and annualized covariance runs at -145.0 %².
Among the 17 assets we track against BHK, NRT sits near the bottom by co-movement, at rank #15. Correlation aside, the last 12 months split them widely, with NRT ahead by 81.0 points (+4.2% versus +85.2%). One caveat on sizing: NRT is 4.2 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.
BHK vs NRT: side by side
| BHK (Blackrock Core Bond Trust) | NRT (North European Oil Royality Trust) | |
|---|---|---|
| 1-year return | +4.2% | +85.2% |
| 5-year return | -15.3% | +131.5% |
| Volatility (ann.) | 12.4% | 51.6% |
| Beta vs S&P 500 | 0.28 | -0.42 |
| Max drawdown (3Y) | -16.6% | -66.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | 12.9 | 8.4 |
| Dividend yield | 9.85% | 11.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BHK | NRT |
|---|---|---|
| 2022 | -32.6% | +41.9% |
| 2023 | +14.3% | -46.5% |
| 2024 | +3.9% | -25.3% |
| 2025 | +0.3% | +88.4% |
| 2026 | +1.6% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and NRT good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BHK and NRT?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.31 over the last year and 0.02 over 5 years.
Is NRT a good diversifier for BHK?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/bhk-vs-nrt.json
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Related comparisons
Hubs: BHK correlations · NRT correlations
