BTZ vs GBAB: Correlation
BlackRock Credit Allocation Income Trust (BTZ) and Guggenheim Taxable Municipal Bond & Investment Grade Debt (GBAB) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTZ and GBAB?
Across a 3-year window, the weekly returns of BTZ and GBAB correlate at 0.69, strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.69 over 3. Stretching to 5 years gives 0.66, with an annualized covariance of 106.3 %².
By 3-year correlation, GBAB places #9 of the 25 assets tracked against BTZ. Their 12-month results are close: +1.6% for BTZ against -1.0% for GBAB.
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.
BTZ vs GBAB: side by side
| BTZ (BlackRock Credit Allocation Income Trust) | GBAB (Guggenheim Taxable Municipal Bond & Investment Grade Debt) | |
|---|---|---|
| 1-year return | +1.6% | -1.0% |
| 5-year return | +5.4% | -11.9% |
| Volatility (ann.) | 11.5% | 13.5% |
| Beta vs S&P 500 | 0.44 | 0.20 |
| Max drawdown (3Y) | -9.3% | -17.3% |
| Market cap | – | $0.4B |
| P/E (trailing) | 9.2 | 11.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTZ | GBAB |
|---|---|---|
| 2022 | -27.1% | -25.1% |
| 2023 | +12.8% | +8.6% |
| 2024 | +11.3% | +2.9% |
| 2025 | +13.7% | +8.4% |
| 2026 | +0.1% | -0.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTZ and GBAB good diversifiers for each other?
Only partially. A correlation of 0.69 means BTZ and GBAB 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 BTZ and GBAB?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.67 over the last year and 0.66 over 5 years.
Is GBAB a good diversifier for BTZ?
Only partially. A correlation of 0.69 means BTZ and GBAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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/btz-vs-gbab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/btz-vs-gbab/)
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Related comparisons
Hubs: BTZ correlations · GBAB correlations
