BXMT vs TRTX: Correlation
Blackstone Mortgage Trust, Inc. (BXMT) and TPG RE Finance Trust, Inc. (TRTX) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXMT and TRTX?
Over the past 3 years, BXMT and TRTX moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 425.1 %².
Within BXMT's tracked universe of 12 assets, TRTX comes in at #6 by 3-year correlation. The last year tells two different stories: TRTX led by 15.0 percentage points, -21.3% for BXMT against -6.3% for TRTX.
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 TRTX: side by side
| BXMT (Blackstone Mortgage Trust, Inc.) | TRTX (TPG RE Finance Trust, Inc.) | |
|---|---|---|
| 1-year return | -21.3% | -6.3% |
| 5-year return | -28.8% | +9.9% |
| Volatility (ann.) | 25.8% | 29.0% |
| Beta vs S&P 500 | 0.63 | 0.55 |
| Max drawdown (3Y) | -29.8% | -29.3% |
| Market cap | $2.3B | $0.6B |
| P/E (trailing) | 172.6 | 14.1 |
| Dividend yield | 13.51% | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXMT | TRTX |
|---|---|---|
| 2022 | -24.0% | -38.4% |
| 2023 | +13.5% | +9.7% |
| 2024 | -7.9% | +46.9% |
| 2025 | +21.1% | +13.5% |
| 2026 | -24.0% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXMT and TRTX good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BXMT and TRTX?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.62 over the last year and 0.65 over 5 years.
Is TRTX a good diversifier for BXMT?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bxmt-vs-trtx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bxmt-vs-trtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BXMT correlations · TRTX correlations
