HYG vs TCRT: Correlation
iShares iBoxx High Yield Corporate Bond ETF (HYG) and Alaunos Therapeutics, Inc. (TCRT) show a negative relationship: their 3-year correlation of weekly returns is -0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and TCRT?
Over the past 3 years, HYG and TCRT moved with a correlation of -0.13, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.17 lands near the 3-year figure. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -75.7 %².
Within HYG's tracked universe of 46 assets, TCRT comes in at #38 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HYG ahead by 16.8 points (+4.6% versus -12.2%). Risk is not evenly split, since TCRT carries 25.9 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 TCRT: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | TCRT (Alaunos Therapeutics, Inc.) | |
|---|---|---|
| 1-year return | +4.6% | -12.2% |
| 5-year return | +19.9% | -99.3% |
| Volatility (ann.) | 4.7% | 121.9% |
| Beta vs S&P 500 | 0.22 | -1.11 |
| Max drawdown (3Y) | -4.6% | -95.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.94% | 0.00% |
| 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 | TCRT |
|---|---|---|
| 2022 | -11.0% | -40.4% |
| 2023 | +11.5% | -89.2% |
| 2024 | +8.0% | -81.8% |
| 2025 | +8.6% | +69.1% |
| 2026 | +2.5% | -48.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and TCRT good diversifiers for each other?
Yes. With a correlation of -0.13, HYG and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HYG and TCRT?
The HYG/TCRT correlation stands at -0.13 on a 3-year window (1 year: -0.17, 5 years: 0.01), computed from weekly returns as of 2026-08-27.
Is TCRT a good diversifier for HYG?
Yes. With a correlation of -0.13, HYG and TCRT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.13 mean?
On the −1 to +1 scale, -0.13 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-tcrt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyg-vs-tcrt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HYG correlations · TCRT correlations
