APA vs SHY: Correlation
APA Corporation (APA) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and SHY?
Across a 3-year window, the weekly returns of APA and SHY correlate at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.26 over 3 years. Stretching to 5 years gives -0.15, with an annualized covariance of -17.2 %².
Among the 43 assets we track against APA, SHY sits near the bottom by co-movement, at rank #42. Correlation aside, the last 12 months split them widely, with APA ahead by 91.6 points (+94.1% versus +2.5%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.50 and 0.08 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: APA is 26.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
APA vs SHY: side by side
| APA (APA Corporation) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +94.1% | +2.5% |
| 5-year return | +164.2% | +9.6% |
| Volatility (ann.) | 41.8% | 1.6% |
| Beta vs S&P 500 | 0.38 | 0.00 |
| Max drawdown (3Y) | -67.4% | -1.0% |
| Market cap | $14.8B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 2.43% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | Energy | 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 | APA | SHY |
|---|---|---|
| 2022 | +76.4% | -3.9% |
| 2023 | -21.2% | +4.2% |
| 2024 | -33.4% | +3.9% |
| 2025 | +11.5% | +5.0% |
| 2026 | +77.3% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between APA and SHY?
The APA/SHY correlation stands at -0.26 on a 3-year window (1 year: -0.39, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for APA?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/apa-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APA correlations · SHY correlations
