LQD vs TVC: Correlation
iShares iBoxx Investment Grade Corporate Bond ETF (LQD) and Tennessee Valley Authority (TVC) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LQD and TVC?
Over the past 3 years, LQD and TVC moved with a correlation of 0.47, which is moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 18.8 %².
Among the 33 assets we track against LQD, TVC ranks #17 by 3-year correlation. Twelve-month performance is nearly a tie, at +1.5% for LQD and +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.
LQD vs TVC: side by side
| LQD (iShares iBoxx Investment Grade Corporate Bond ETF) | TVC (Tennessee Valley Authority) | |
|---|---|---|
| 1-year return | +1.5% | +3.3% |
| 5-year return | -4.1% | +3.0% |
| Volatility (ann.) | 7.3% | 5.5% |
| Beta vs S&P 500 | 0.15 | 0.06 |
| Max drawdown (3Y) | -6.7% | -5.1% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.66% | 0.00% |
| Expense ratio | 0.14% | – |
| Assets under management | $33.0B | – |
| Sector / category | ETF · Bonds | US Listed |
LQD is a Corporate Bond fund from iShares: $33.0B under management, a 0.14% expense ratio, a 4.66% trailing dividend yield.
Year-by-year returns
| Year | LQD | TVC |
|---|---|---|
| 2022 | -17.9% | -13.3% |
| 2023 | +9.4% | +6.5% |
| 2024 | +0.9% | -0.5% |
| 2025 | +7.9% | +9.2% |
| 2026 | -0.5% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LQD and TVC good diversifiers for each other?
Reasonably. At 0.47, LQD and TVC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LQD and TVC?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.55 over the last year and 0.40 over 5 years.
Is TVC a good diversifier for LQD?
Reasonably. At 0.47, LQD and TVC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/lqd-vs-tvc.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lqd-vs-tvc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: LQD correlations · TVC correlations
