BXMT vs NLY: Correlation
How closely do Blackstone Mortgage Trust, Inc. (BXMT) and Annaly Capital Management Inc. (NLY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and NLY?
Across a 3-year window, the weekly returns of BXMT and NLY correlate at 0.60, strong. The past 12 months show a weaker link (0.28) than the 3-year average (0.60). Stretching to 5 years gives 0.66, with an annualized covariance of 356.5 %².
Among the 12 assets we track against BXMT, NLY ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NLY outperformed by 46.7 percentage points (-21.3% for BXMT against +25.4% for NLY).
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.
BXMT vs NLY: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | NLY (Annaly Capital Management Inc.) | |
|---|---|---|
| 1-year return | -21.3% | +25.4% |
| 5-year return | -28.8% | +30.4% |
| Volatility (ann.) | 25.8% | 22.9% |
| Beta vs S&P 500 | 0.63 | 0.81 |
| Max drawdown (3Y) | -29.8% | -26.3% |
| Market cap | $2.3B | $17.4B |
| P/E (trailing) | 172.6 | 5.6 |
| Dividend yield | 13.51% | 12.47% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXMT | NLY |
|---|---|---|
| 2022 | -24.0% | -21.4% |
| 2023 | +13.5% | +4.9% |
| 2024 | -7.9% | +8.1% |
| 2025 | +21.1% | +40.0% |
| 2026 | -24.0% | +10.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and NLY good diversifiers for each other?
To a limited degree. At 0.60 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 BXMT and NLY?
As of 2026-08-27, the correlation of weekly returns between BXMT and NLY is 0.60 over 3 years, 0.28 over 1 year and 0.66 over 5 years.
Is NLY a good diversifier for BXMT?
To a limited degree. At 0.60 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 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxmt-vs-nly.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxmt-vs-nly/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXMT correlations · NLY correlations
