  We have phase connected a sequence of RXTE PCA observations of SGR 1806-20
covering 178 days. We find a simple secular spin-down model does not adequately
fit the data. The period derivative varies gradually during the observations
between 8.1 and 11.7 * 10^-11 s/s (at its highest, ~40% larger than the long
term trend), while the average burst rate as seen with BATSE drops throughout
the time interval. The phase residuals give no compelling evidence for
periodicity, but more closely resemble timing noise as seen in radio pulsars.
The magnitude of the timing noise, however, is large relative to the noise
level typically found in radio pulsars. Combining these results with the noise
levels measured for some AXPs, we find all magnetar candidates have \Delta_8
values larger than those expected from a simple extrapolation of the
correlation found in radio pulsars. We find that the timing noise in SGR
1806-20 is greater than or equal to the levels found in some accreting systems
(e.g., Vela X-1, 4U 1538-52 and 4U 1626-67), but the spin-down of SGR 1806-20
has thus far maintained coherence over 6 years. Alternatively, an orbital model
with a period P_orb = 733 days provides a statistically acceptable fit to the
data. If the phase residuals are created by Doppler shifts from a
gravitationally bound companion, then the allowed parameter space for the mass
function (small) and orbital separation (large) rule out the possibility of
accretion from the companion sufficient to power the persistent emission from
the SGR.
