BHK vs TIP: Correlation
How closely do Blackrock Core Bond Trust (BHK) and iShares TIPS Bond ETF (TIP) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and TIP?
Over the past 3 years, BHK and TIP moved with a correlation of 0.69, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 37.0 %².
By 3-year correlation, TIP places #7 of the 17 assets tracked against BHK. Their 12-month results are close: +4.2% for BHK against +1.4% for TIP. Note the risk asymmetry: BHK runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 TIP: side by side
| BHK (Blackrock Core Bond Trust) | TIP (iShares TIPS Bond ETF) | |
|---|---|---|
| 1-year return | +4.2% | +1.4% |
| 5-year return | -15.3% | +1.2% |
| Volatility (ann.) | 12.4% | 4.4% |
| Beta vs S&P 500 | 0.28 | 0.05 |
| Max drawdown (3Y) | -16.6% | -3.7% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 9.85% | 4.47% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $14.6B |
| Sector / category | US Listed | ETF · Bonds |
TIP is an Inflation-Protected Bond fund from iShares: $14.6B under management, a 0.18% expense ratio, a 4.47% trailing dividend yield.
Year-by-year returns
| Year | BHK | TIP |
|---|---|---|
| 2022 | -32.6% | -12.3% |
| 2023 | +14.3% | +3.8% |
| 2024 | +3.9% | +1.7% |
| 2025 | +0.3% | +6.8% |
| 2026 | +1.6% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and TIP good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BHK and TIP?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.69 over the last year and 0.58 over 5 years.
Is TIP a good diversifier for BHK?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/bhk-vs-tip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhk-vs-tip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BHK correlations · TIP correlations
