HYG vs NRT: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and North European Oil Royality Trust (NRT) carry a correlation of -0.20, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and NRT?
Over the past 3 years, HYG and NRT moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.24) sits close to the 3-year figure. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is -49.6 %².
Among the 46 assets we track against HYG, NRT sits near the bottom by co-movement, at rank #43. Correlation aside, the last 12 months split them widely, with NRT ahead by 80.6 points (+4.6% versus +85.2%). Note the risk asymmetry: NRT runs 11.0 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.
HYG vs NRT: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | NRT (North European Oil Royality Trust) | |
|---|---|---|
| 1-year return | +4.6% | +85.2% |
| 5-year return | +19.9% | +131.5% |
| Volatility (ann.) | 4.7% | 51.6% |
| Beta vs S&P 500 | 0.22 | -0.42 |
| Max drawdown (3Y) | -4.6% | -66.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 8.4 |
| Dividend yield | 5.94% | 11.95% |
| Expense ratio | 0.49% | – |
| Assets under management | $17.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, HYG sits in the High Yield Bond category at iShares, with $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | HYG | NRT |
|---|---|---|
| 2022 | -11.0% | +41.9% |
| 2023 | +11.5% | -46.5% |
| 2024 | +8.0% | -25.3% |
| 2025 | +8.6% | +88.4% |
| 2026 | +2.5% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and NRT good diversifiers for each other?
Yes. With a correlation of -0.20, HYG and NRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYG and NRT?
The HYG/NRT correlation stands at -0.20 on a 3-year window (1 year: -0.24, 5 years: 0.04), computed from weekly returns as of 2026-08-27.
Is NRT a good diversifier for HYG?
Yes. With a correlation of -0.20, HYG and NRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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-nrt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hyg-vs-nrt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HYG correlations · NRT correlations
