BTE vs TLT: Correlation
Measured on weekly returns over the past three years, Baytex Energy Corp (BTE) and iShares 20+ Year Treasury Bond ETF (TLT) 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 BTE and TLT?
Across a 3-year window, the weekly returns of BTE and TLT correlate at -0.26, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Stretching to 5 years gives -0.25, with an annualized covariance of -159.9 %².
TLT is close to the least connected end of BTE's tracked universe, ranking #10 of 12. Their recent paths diverged sharply: over the last 12 months BTE outperformed by 122.5 percentage points (+122.8% for BTE against +0.3% for TLT). Note the risk asymmetry: BTE runs 3.4 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.
BTE vs TLT: side by side
| BTE (Baytex Energy Corp) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +122.8% | +0.3% |
| 5-year return | +194.4% | -34.0% |
| Volatility (ann.) | 45.7% | 13.5% |
| Beta vs S&P 500 | 0.38 | 0.11 |
| Max drawdown (3Y) | -66.7% | -14.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.92% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | BTE | TLT |
|---|---|---|
| 2022 | +46.0% | -31.2% |
| 2023 | -25.7% | +2.8% |
| 2024 | -20.6% | -8.1% |
| 2025 | +27.3% | +4.2% |
| 2026 | +50.3% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and TLT 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 BTE and TLT?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.35 over the last year and -0.25 over 5 years.
Is TLT a good diversifier for BTE?
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?
A reading of -0.26 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/bte-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bte-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTE correlations · TLT correlations
