HYG vs URBN: Correlation
iShares iBoxx High Yield Corporate Bond ETF (HYG) and Urban Outfitters, Inc. (URBN) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HYG and URBN?
Across a 3-year window, the weekly returns of HYG and URBN correlate at 0.43, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 83.9 %².
Among the 46 assets we track against HYG, URBN ranks #32 by 3-year correlation. Their 12-month results are close: +4.6% for HYG against +1.0% for URBN. One caveat on sizing: URBN is 8.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 URBN: side by side
| HYG (iShares iBoxx High Yield Corporate Bond ETF) | URBN (Urban Outfitters, Inc.) | |
|---|---|---|
| 1-year return | +4.6% | +1.0% |
| 5-year return | +19.9% | +132.0% |
| Volatility (ann.) | 4.7% | 41.9% |
| Beta vs S&P 500 | 0.22 | 1.09 |
| Max drawdown (3Y) | -4.6% | -28.5% |
| Market cap | – | $6.7B |
| P/E (trailing) | – | 15.2 |
| Dividend yield | 5.94% | 0.00% |
| 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 | URBN |
|---|---|---|
| 2022 | -11.0% | -18.8% |
| 2023 | +11.5% | +49.6% |
| 2024 | +8.0% | +53.8% |
| 2025 | +8.6% | +37.1% |
| 2026 | +2.5% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HYG and URBN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HYG and URBN?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.51 over the last year and 0.45 over 5 years.
Is URBN a good diversifier for HYG?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hyg-vs-urbn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hyg-vs-urbn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HYG correlations · URBN correlations
