HYG vs JRI: Correlation
iShares iBoxx High Yield Corporate Bond ETF (HYG) and Nuveen Real Asset Income and Growth Fund (JRI) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and JRI?
Across a 3-year window, the weekly returns of HYG and JRI correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 57.6 %².
Among the 46 assets we track against HYG, JRI ranks #16 by 3-year correlation. Neither side won the trailing year by much: +4.6% against +5.3%. One caveat on sizing: JRI is 3.6 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.
HYG vs JRI: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | JRI (Nuveen Real Asset Income and Growth Fund) | |
|---|---|---|
| 1-year return | +4.6% | +5.3% |
| 5-year return | +19.9% | +31.7% |
| Volatility (ann.) | 4.7% | 17.0% |
| Beta vs S&P 500 | 0.22 | 0.64 |
| Max drawdown (3Y) | -4.6% | -13.7% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 7.0 |
| Dividend yield | 5.94% | 0.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
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 | HYG | JRI |
|---|---|---|
| 2022 | -11.0% | -20.8% |
| 2023 | +11.5% | +10.1% |
| 2024 | +8.0% | +16.3% |
| 2025 | +8.6% | +26.8% |
| 2026 | +2.5% | -0.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and JRI good diversifiers for each other?
To a limited degree. At 0.72 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 HYG and JRI?
As of 2026-08-27, the correlation of weekly returns between HYG and JRI is 0.72 over 3 years, 0.63 over 1 year and 0.70 over 5 years.
Is JRI a good diversifier for HYG?
To a limited degree. At 0.72 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 0.72 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hyg-vs-jri.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyg-vs-jri/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYG correlations · JRI correlations
