AESI vs SHY: Correlation
How closely do Atlas Energy Solutions Inc. (AESI) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AESI and SHY?
Across a 3-year window, the weekly returns of AESI and SHY correlate at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.34 versus -0.23 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -18.6 %².
Among the 12 assets we track against AESI, SHY sits near the bottom by co-movement, at rank #10. The trailing year gives AESI the advantage: +11.1% versus +2.5%, a 8.6-point spread. Note the risk asymmetry: AESI runs 32.9 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.
AESI vs SHY: side by side
| AESI (Atlas Energy Solutions Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +11.1% | +2.5% |
| 5-year return | n/a | +9.6% |
| Volatility (ann.) | 52.7% | 1.6% |
| Beta vs S&P 500 | 1.02 | 0.00 |
| Max drawdown (3Y) | -65.9% | -1.0% |
| Market cap | $1.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.07% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | US Listed | ETF · Bonds |
SHY, iShares's Short Government fund, carries $25.1B under management, a 0.15% expense ratio, a 3.65% trailing dividend yield.
Year-by-year returns
| Year | AESI | SHY |
|---|---|---|
| 2022 | – | -3.9% |
| 2023 | – | +4.2% |
| 2024 | +34.6% | +3.9% |
| 2025 | -55.3% | +5.0% |
| 2026 | +38.0% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AESI and SHY good diversifiers for each other?
Yes. With a correlation of -0.23, AESI and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AESI and SHY?
The AESI/SHY correlation stands at -0.23 on a 3-year window (1 year: -0.34, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for AESI?
Yes. With a correlation of -0.23, AESI and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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/aesi-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aesi-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AESI correlations · SHY correlations
