NLOP vs PYT: Correlation
Measured on weekly returns over the past three years, Net Lease Office Properties (NLOP) and PPlus Tr GSC-2 Tr Ctf Fltg Rate (PYT) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NLOP and PYT?
Across a 3-year window, the weekly returns of NLOP and PYT correlate at -0.31, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.12 versus -0.31 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -114.4 %².
Among the 17 assets we track against NLOP, PYT sits near the bottom by co-movement, at rank #15. Neither side won the trailing year by much: +8.0% against +5.1%. Note the risk asymmetry: NLOP runs 4.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NLOP vs PYT: side by side
| NLOP (Net Lease Office Properties) | PYT (PPlus Tr GSC-2 Tr Ctf Fltg Rate) | |
|---|---|---|
| 1-year return | +8.0% | +5.1% |
| 5-year return | n/a | +19.5% |
| Volatility (ann.) | 39.2% | 9.7% |
| Beta vs S&P 500 | 0.18 | 0.15 |
| Max drawdown (3Y) | -46.0% | -6.1% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NLOP | PYT |
|---|---|---|
| 2022 | – | -14.1% |
| 2023 | – | +10.8% |
| 2024 | +68.9% | +8.3% |
| 2025 | +5.9% | +8.2% |
| 2026 | +8.5% | +4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NLOP and PYT good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between NLOP and PYT?
Using weekly returns as of 2026-08-27: -0.31 over 3 years, with -0.12 over the last year and n/a over 5 years.
Is PYT a good diversifier for NLOP?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 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/nlop-vs-pyt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nlop-vs-pyt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NLOP correlations · PYT correlations
