HYG vs TVC: Correlation
Measured on weekly returns over the past three years, iShares iBoxx High Yield Corporate Bond ETF (HYG) and Tennessee Valley Authority (TVC) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and TVC?
Over the past 3 years, HYG and TVC moved with a correlation of 0.43, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.43 over 3. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 11.2 %².
Within HYG's tracked universe of 46 assets, TVC comes in at #31 by 3-year correlation. Their 12-month results are close: +4.6% for HYG against +3.3% for TVC.
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 TVC: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | TVC (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +4.6% | +3.3% |
| 5-year return | +19.9% | +3.0% |
| Volatility (ann.) | 4.7% | 5.5% |
| Beta vs S&P 500 | 0.22 | 0.06 |
| Max drawdown (3Y) | -4.6% | -5.1% |
| 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 |
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 | TVC |
|---|---|---|
| 2022 | -11.0% | -13.3% |
| 2023 | +11.5% | +6.5% |
| 2024 | +8.0% | -0.5% |
| 2025 | +8.6% | +9.2% |
| 2026 | +2.5% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and TVC good diversifiers for each other?
Reasonably. At 0.43, HYG and TVC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HYG and TVC?
The HYG/TVC correlation stands at 0.43 on a 3-year window (1 year: 0.52, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is TVC a good diversifier for HYG?
Reasonably. At 0.43, HYG and TVC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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-tvc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hyg-vs-tvc/)
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Related comparisons
Hubs: HYG correlations · TVC correlations
