We have phase-connected a sequence of Rossi X-Ray Timing Explorer Proportio
nal Counter Array observations of SGR 1806-20 covering 178 days. We find th
at a simple secular spin-down model does not adequately fit the data. The p
eriod derivative varies gradually during the observations between 8.1 x 10(
-11) and 11.7 x 10(-11) s s(-1) (at its highest, similar to 40% larger than
the long-term trend), while the average burst rate as seen with the Burst
and Transient Source Experiment drops throughout the time interval. The pha
se 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 ra
dio pulsars (Delta(8) = 4.8; frequency derivative average power approximate
to 7 x 10(-20) cycles(2) s(-3)). Combining these results with the noise le
vels measured for some anomalous X-ray pulsars, we find that all magnetar c
andidates have Delta(8) values larger than those expected from a simple ext
rapolation of the correlation found in radio pulsars. We find that the timi
ng noise in SGR 1806-20 is greater than or equal to the levels found in som
e accreting systems (e.g,, Vela X-l, 4U 1538-52, and 4U 1626-67), but the s
pin-down of SGR 1806-20 has thus far maintained coherence over 6 yr. Altern
atively, an orbital model with a period P-orb = 733 days provides a statist
ically acceptable fit to the data. If the phase residuals are created by Do
ppler shifts from a gravitationally bound companion, then the allowed param
eter space for the mass function (small) and orbital separation (large) rul
e out the possibility of accretion from the companion sufficient to power t
he persistent emission from the SGR.