FLNG vs TLT: Correlation
How closely do FLEX LNG Ltd. (FLNG) and iShares 20+ Year Treasury Bond ETF (TLT) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLNG and TLT?
Across a 3-year window, the weekly returns of FLNG and TLT correlate at -0.22, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.24 over 1 year against -0.22 over 3. Stretching to 5 years gives -0.19, with an annualized covariance of -78.7 %².
Among the 11 assets we track against FLNG, TLT sits near the bottom by co-movement, at rank #11. Correlation aside, the last 12 months split them widely, with FLNG ahead by 28.3 points (+28.6% versus +0.3%). One caveat on sizing: FLNG is 2.0 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.
FLNG vs TLT: side by side
| FLNG (FLEX LNG Ltd.) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +28.6% | +0.3% |
| 5-year return | +261.5% | -34.0% |
| Volatility (ann.) | 26.8% | 13.5% |
| Beta vs S&P 500 | 0.26 | 0.11 |
| Max drawdown (3Y) | -25.4% | -14.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 16.0 | – |
| Dividend yield | 9.86% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | FLNG | TLT |
|---|---|---|
| 2022 | +56.3% | -31.2% |
| 2023 | -1.2% | +2.8% |
| 2024 | -11.7% | -8.1% |
| 2025 | +26.4% | +4.2% |
| 2026 | +32.3% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLNG and TLT good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between FLNG and TLT?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.24 over the last year and -0.19 over 5 years.
Is TLT a good diversifier for FLNG?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
A reading of -0.22 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/flng-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flng-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLNG correlations · TLT correlations
