LQD vs NRT: Correlation
Measured on weekly returns over the past three years, iShares iBoxx Investment Grade Corporate Bond ETF (LQD) and North European Oil Royality Trust (NRT) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LQD and NRT?
Over the past 3 years, LQD and NRT moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.23 over 3 years. Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -87.2 %².
NRT is close to the least connected end of LQD's tracked universe, ranking #29 of 33. Their recent paths diverged sharply: over the last 12 months NRT outperformed by 83.7 percentage points (+1.5% for LQD against +85.2% for NRT). One caveat on sizing: NRT is 7.1 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.
LQD vs NRT: side by side
| LQD (iShares iBoxx Investment Grade Corporate Bond ETF) | NRT (North European Oil Royality Trust) | |
|---|---|---|
| 1-year return | +1.5% | +85.2% |
| 5-year return | -4.1% | +131.5% |
| Volatility (ann.) | 7.3% | 51.6% |
| Beta vs S&P 500 | 0.15 | -0.42 |
| Max drawdown (3Y) | -6.7% | -66.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 8.4 |
| Dividend yield | 4.66% | 11.95% |
| Expense ratio | 0.14% | – |
| Assets under management | $33.0B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, LQD sits in the Corporate Bond category at iShares, with $33.0B under management, a 0.14% expense ratio, a 4.66% trailing dividend yield.
Year-by-year returns
| Year | LQD | NRT |
|---|---|---|
| 2022 | -17.9% | +41.9% |
| 2023 | +9.4% | -46.5% |
| 2024 | +0.9% | -25.3% |
| 2025 | +7.9% | +88.4% |
| 2026 | -0.5% | +41.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LQD and NRT good diversifiers for each other?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
FAQ
What is the correlation between LQD and NRT?
As of 2026-08-27, the correlation of weekly returns between LQD and NRT is -0.23 over 3 years, -0.37 over 1 year and -0.08 over 5 years.
Is NRT a good diversifier for LQD?
By historical standards, yes. A correlation of -0.23 means the two rarely move for the same reasons.
What does a correlation of -0.23 mean?
A reading of -0.23 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/lqd-vs-nrt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/lqd-vs-nrt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LQD correlations · NRT correlations
