HYG vs JRS: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and Nuveen Real Estate Income Fund (JRS) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and JRS?
On 3 years of weekly data the HYG/JRS correlation comes out at 0.75, strong. The link has loosened recently: the 1-year correlation (0.61) runs below the 3-year figure (0.75). The 5-year figure is 0.70, and annualized covariance runs at 74.5 %².
Among the 46 assets we track against HYG, JRS ranks #5 by 3-year correlation. The trailing year gives JRS the advantage: +4.6% versus +14.4%, a 9.8-point spread. Risk is not evenly split, since JRS carries 4.5 times the volatility of the other side.
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 JRS: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | JRS (Nuveen Real Estate Income Fund) | |
|---|---|---|
| 1-year return | +4.6% | +14.4% |
| 5-year return | +19.9% | +13.5% |
| Volatility (ann.) | 4.7% | 21.1% |
| Beta vs S&P 500 | 0.22 | 0.79 |
| Max drawdown (3Y) | -4.6% | -25.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.94% | 8.00% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
HYG, iShares's High Yield Bond fund, carries $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | HYG | JRS |
|---|---|---|
| 2022 | -11.0% | -35.6% |
| 2023 | +11.5% | +13.4% |
| 2024 | +8.0% | +19.7% |
| 2025 | +8.6% | -3.4% |
| 2026 | +2.5% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and JRS good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HYG and JRS?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.61 over the last year and 0.70 over 5 years.
Is JRS a good diversifier for HYG?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 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/hyg-vs-jrs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyg-vs-jrs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HYG correlations · JRS correlations
