NRO vs WEA: Correlation
Neuberger Real Estate Securities Income Fund Inc. (NRO) and Western Asset Bond Fund Share of Beneficial Interest (WEA) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NRO and WEA?
On 3 years of weekly data the NRO/WEA correlation comes out at 0.61, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 120.6 %².
Among the 17 assets we track against NRO, WEA ranks #10 by 3-year correlation. Twelve-month performance is nearly a tie, at +2.5% for NRO and +2.2% for WEA. Note the risk asymmetry: NRO runs 1.8 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.
NRO vs WEA: side by side
| NRO (Neuberger Real Estate Securities Income Fund Inc.) | WEA (Western Asset Bond Fund Share of Beneficial Interest) | |
|---|---|---|
| 1-year return | +2.5% | +2.2% |
| 5-year return | +2.7% | +4.5% |
| Volatility (ann.) | 18.9% | 10.5% |
| Beta vs S&P 500 | 0.70 | 0.29 |
| Max drawdown (3Y) | -24.8% | -11.4% |
| Market cap | $0.2B | – |
| P/E (trailing) | 8.2 | 12.6 |
| Dividend yield | 0.00% | 4.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NRO | WEA |
|---|---|---|
| 2022 | -35.1% | -20.2% |
| 2023 | +15.1% | +9.6% |
| 2024 | +23.8% | +7.7% |
| 2025 | +0.8% | +10.6% |
| 2026 | +5.0% | -0.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NRO and WEA good diversifiers for each other?
Only partially. A correlation of 0.61 means NRO and WEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NRO and WEA?
As of 2026-08-27, the correlation of weekly returns between NRO and WEA is 0.61 over 3 years, 0.63 over 1 year and 0.56 over 5 years.
Is WEA a good diversifier for NRO?
Only partially. A correlation of 0.61 means NRO and WEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/nro-vs-wea.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nro-vs-wea/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NRO correlations · WEA correlations
