BTX vs CIEN: Correlation
Measured on weekly returns over the past three years, BlackRock Technology and Private Equity Term Trust (BTX) and Ciena (CIEN) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTX and CIEN?
Across a 3-year window, the weekly returns of BTX and CIEN correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.48 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 590.9 %².
Among the 20 assets we track against BTX, CIEN ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CIEN outperformed by 291.7 percentage points (+39.5% for BTX against +331.2% for CIEN). One caveat on sizing: CIEN is 2.1 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.
BTX vs CIEN: side by side
| BTX (BlackRock Technology and Private Equity Term Trust) | CIEN (Ciena) | |
|---|---|---|
| 1-year return | +39.5% | +331.2% |
| 5-year return | -21.7% | +598.5% |
| Volatility (ann.) | 24.4% | 50.1% |
| Beta vs S&P 500 | 1.23 | 1.59 |
| Max drawdown (3Y) | -31.7% | -47.3% |
| Market cap | $1.1B | $56.6B |
| P/E (trailing) | 23.8 | 133.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | BTX | CIEN |
|---|---|---|
| 2022 | -47.8% | -33.8% |
| 2023 | +19.3% | -11.7% |
| 2024 | +13.4% | +88.4% |
| 2025 | +0.9% | +175.8% |
| 2026 | +45.3% | +71.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTX and CIEN good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BTX and CIEN?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.34 over the last year and 0.44 over 5 years.
Is CIEN a good diversifier for BTX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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/btx-vs-cien.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/btx-vs-cien/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BTX correlations · CIEN correlations
