BND vs NRT: Correlation
Measured on weekly returns over the past three years, Vanguard Total Bond Market ETF (BND) and North European Oil Royality Trust (NRT) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and NRT?
Across a 3-year window, the weekly returns of BND and NRT correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.26 over 3 years. Stretching to 5 years gives -0.12, with an annualized covariance of -70.5 %².
Among the 33 assets we track against BND, NRT sits near the bottom by co-movement, at rank #29. Their recent paths diverged sharply: over the last 12 months NRT outperformed by 82.9 percentage points (+2.3% for BND against +85.2% for NRT). Note the risk asymmetry: NRT runs 9.9 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.
BND vs NRT: side by side
| BND (Vanguard Total Bond Market ETF) | NRT (North European Oil Royality Trust) | |
|---|---|---|
| 1-year return | +2.3% | +85.2% |
| 5-year return | -1.3% | +131.5% |
| Volatility (ann.) | 5.2% | 51.6% |
| Beta vs S&P 500 | 0.06 | -0.42 |
| Max drawdown (3Y) | -4.7% | -66.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 8.4 |
| Dividend yield | – | 11.95% |
| Sector / category | ETF · Bonds | US Listed |
Year-by-year returns
| Year | BND | NRT |
|---|---|---|
| 2022 | -13.1% | +41.9% |
| 2023 | +5.7% | -46.5% |
| 2024 | +1.4% | -25.3% |
| 2025 | +7.1% | +88.4% |
| 2026 | +0.2% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and NRT good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BND and NRT?
The BND/NRT correlation stands at -0.26 on a 3-year window (1 year: -0.45, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is NRT a good diversifier for BND?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/bnd-vs-nrt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bnd-vs-nrt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BND correlations · NRT correlations
