HYG vs NMRK: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and Newmark Group, Inc. (NMRK) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and NMRK?
Across a 3-year window, the weekly returns of HYG and NMRK correlate at 0.70, strong. Lately the two have drifted apart, with the 1-year correlation at 0.47 versus 0.70 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 141.9 %².
Within HYG's tracked universe of 46 assets, NMRK comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HYG outperformed by 18.4 percentage points (+4.6% for HYG against -13.8% for NMRK). Risk is not evenly split, since NMRK carries 9.2 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 NMRK: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | NMRK (Newmark Group, Inc.) | |
|---|---|---|
| 1-year return | +4.6% | -13.8% |
| 5-year return | +19.9% | +23.3% |
| Volatility (ann.) | 4.7% | 43.4% |
| Beta vs S&P 500 | 0.22 | 1.49 |
| Max drawdown (3Y) | -4.6% | -36.6% |
| Market cap | – | $3.8B |
| P/E (trailing) | – | 19.7 |
| Dividend yield | 5.94% | 0.95% |
| 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 | NMRK |
|---|---|---|
| 2022 | -11.0% | -57.0% |
| 2023 | +11.5% | +39.9% |
| 2024 | +8.0% | +18.1% |
| 2025 | +8.6% | +36.5% |
| 2026 | +2.5% | -9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and NMRK good diversifiers for each other?
Only partially. A correlation of 0.70 means HYG and NMRK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HYG and NMRK?
As of 2026-08-27, the correlation of weekly returns between HYG and NMRK is 0.70 over 3 years, 0.47 over 1 year and 0.56 over 5 years.
Is NMRK a good diversifier for HYG?
Only partially. A correlation of 0.70 means HYG and NMRK share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hyg-vs-nmrk.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hyg-vs-nmrk/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HYG correlations · NMRK correlations
