GDV vs HYG: Correlation
Gabelli Dividend & Income Trust (GDV) and iShares iBoxx High Yield Corporate Bond ETF (HYG) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDV and HYG?
Across a 3-year window, the weekly returns of GDV and HYG correlate at 0.76, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.76 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 53.8 %².
By 3-year correlation, HYG places #28 of the 71 assets tracked against GDV. Their recent paths diverged sharply: over the last 12 months GDV outperformed by 15.7 percentage points (+20.3% for GDV against +4.6% for HYG). Note the risk asymmetry: GDV runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GDV vs HYG: side by side
| GDV (Gabelli Dividend & Income Trust) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | +20.3% | +4.6% |
| 5-year return | +53.8% | +19.9% |
| Volatility (ann.) | 15.0% | 4.7% |
| Beta vs S&P 500 | 0.90 | 0.22 |
| Max drawdown (3Y) | -16.1% | -4.6% |
| Market cap | $2.7B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 5.51% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | GDV | HYG |
|---|---|---|
| 2022 | -18.6% | -11.0% |
| 2023 | +11.9% | +11.5% |
| 2024 | +18.1% | +8.0% |
| 2025 | +22.8% | +8.6% |
| 2026 | +13.8% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDV and HYG good diversifiers for each other?
To a limited degree. At 0.76 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 GDV and HYG?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.76 over the last year and 0.76 over 5 years.
Is HYG a good diversifier for GDV?
To a limited degree. At 0.76 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 0.76 mean?
A reading of 0.76 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/gdv-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdv-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDV correlations · HYG correlations
