BTZ vs PHK: Correlation
Measured on weekly returns over the past three years, BlackRock Credit Allocation Income Trust (BTZ) and Pimco High Income Fund (PHK) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTZ and PHK?
Over the past 3 years, BTZ and PHK moved with a correlation of 0.69, which is strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 93.0 %².
Within BTZ's tracked universe of 25 assets, PHK comes in at #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +1.6% for BTZ and +4.6% for PHK.
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 PHK: side by side
| BTZ (BlackRock Credit Allocation Income Trust) | PHK (Pimco High Income Fund) | |
|---|---|---|
| 1-year return | +1.6% | +4.6% |
| 5-year return | +5.4% | +18.6% |
| Volatility (ann.) | 11.5% | 11.8% |
| Beta vs S&P 500 | 0.44 | 0.36 |
| Max drawdown (3Y) | -9.3% | -14.5% |
| Market cap | – | – |
| P/E (trailing) | 9.2 | 9.0 |
| Dividend yield | 0.00% | 12.74% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTZ | PHK |
|---|---|---|
| 2022 | -27.1% | -14.4% |
| 2023 | +12.8% | +18.8% |
| 2024 | +11.3% | +9.5% |
| 2025 | +13.7% | +12.6% |
| 2026 | +0.1% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTZ and PHK good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BTZ and PHK?
The BTZ/PHK correlation stands at 0.69 on a 3-year window (1 year: 0.60, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is PHK a good diversifier for BTZ?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
A reading of 0.69 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BTZ correlations · PHK correlations
