BNT vs HYG: Correlation
Measured on weekly returns over the past three years, Brookfield Wealth Solutions Ltd. Class A Exchangeable (BNT) and iShares iBoxx High Yield Corporate Bond ETF (HYG) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BNT and HYG?
On 3 years of weekly data the BNT/HYG correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 97.0 %².
By 3-year correlation, HYG places #7 of the 28 assets tracked against BNT. Over the last 12 months HYG came out ahead by 9.1 percentage points (-4.5% against +4.6%). One caveat on sizing: BNT is 6.0 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.
BNT vs HYG: side by side
| BNT (Brookfield Wealth Solutions Ltd. Class A Exchangeable) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | -4.5% | +4.6% |
| 5-year return | +3.6% | +19.9% |
| Volatility (ann.) | 28.1% | 4.7% |
| Beta vs S&P 500 | 1.44 | 0.22 |
| Max drawdown (3Y) | -27.6% | -4.6% |
| Market cap | $11.4B | – |
| P/E (trailing) | 50.0 | – |
| Dividend yield | 0.62% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | BNT | HYG |
|---|---|---|
| 2022 | -49.5% | -11.0% |
| 2023 | +30.1% | +11.5% |
| 2024 | +43.3% | +8.0% |
| 2025 | +20.6% | +8.6% |
| 2026 | -9.4% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BNT and HYG good diversifiers for each other?
Only partially. A correlation of 0.73 means BNT and HYG 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 BNT and HYG?
The BNT/HYG correlation stands at 0.73 on a 3-year window (1 year: 0.73, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is HYG a good diversifier for BNT?
Only partially. A correlation of 0.73 means BNT and HYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 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/bnt-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bnt-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BNT correlations · HYG correlations
