BIT vs HYT: Correlation
How closely do BlackRock Multi-Sector Income Trust (BIT) and Blackrock Corporate High Yield Fund, Inc. (HYT) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BIT and HYT?
Over the past 3 years, BIT and HYT moved with a correlation of 0.78, which is strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 94.4 %².
HYT is one of the assets that tracks BIT most closely: it ranks #1 out of the 11 assets we track against BIT. Neither side won the trailing year by much: -2.3% against -1.6%.
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.
BIT vs HYT: side by side
| BIT (BlackRock Multi-Sector Income Trust) | HYT (Blackrock Corporate High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | -2.3% | -1.6% |
| 5-year return | +5.8% | +7.9% |
| Volatility (ann.) | 10.5% | 11.6% |
| Beta vs S&P 500 | 0.42 | 0.52 |
| Max drawdown (3Y) | -11.6% | -14.0% |
| Market cap | $0.7B | $1.4B |
| P/E (trailing) | 11.3 | 9.1 |
| Dividend yield | 0.00% | 11.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BIT | HYT |
|---|---|---|
| 2022 | -14.6% | -22.6% |
| 2023 | +16.5% | +19.9% |
| 2024 | +7.2% | +14.4% |
| 2025 | -0.7% | +0.0% |
| 2026 | -1.1% | +0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BIT and HYT good diversifiers for each other?
Only partially. A correlation of 0.78 means BIT and HYT 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 BIT and HYT?
As of 2026-08-27, the correlation of weekly returns between BIT and HYT is 0.78 over 3 years, 0.72 over 1 year and 0.70 over 5 years.
Is HYT a good diversifier for BIT?
Only partially. A correlation of 0.78 means BIT and HYT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 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/bit-vs-hyt.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BIT correlations · HYT correlations
