BTT vs SRL: Correlation
How closely do BlackRock Municipal 2030 Target Term Trust (BTT) and Scully Royalty Ltd. (SRL) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTT and SRL?
Across a 3-year window, the weekly returns of BTT and SRL correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 116.7 %².
Out of 13 assets tracked against BTT, SRL lands near the bottom at #9. The trailing year gives SRL the advantage: +3.9% versus +10.2%, a 6.3-point spread. One caveat on sizing: SRL is 7.6 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.
BTT vs SRL: side by side
| BTT (BlackRock Municipal 2030 Target Term Trust) | SRL (Scully Royalty Ltd.) | |
|---|---|---|
| 1-year return | +3.9% | +10.2% |
| 5-year return | -1.1% | -40.6% |
| Volatility (ann.) | 6.6% | 50.0% |
| Beta vs S&P 500 | 0.17 | 0.34 |
| Max drawdown (3Y) | -6.5% | -51.2% |
| Market cap | $1.4B | $0.1B |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.46% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTT | SRL |
|---|---|---|
| 2022 | -15.2% | -4.5% |
| 2023 | +0.7% | -19.1% |
| 2024 | +1.6% | +51.6% |
| 2025 | +13.7% | -4.5% |
| 2026 | +0.6% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTT and SRL good diversifiers for each other?
Reasonably. At 0.35, BTT and SRL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BTT and SRL?
As of 2026-08-27, the correlation of weekly returns between BTT and SRL is 0.35 over 3 years, 0.40 over 1 year and 0.29 over 5 years.
Is SRL a good diversifier for BTT?
Reasonably. At 0.35, BTT and SRL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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.
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Related comparisons
Hubs: BTT correlations · SRL correlations
