BHK vs SHY: Correlation
Measured on weekly returns over the past three years, Blackrock Core Bond Trust (BHK) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BHK and SHY?
Over the past 3 years, BHK and SHY moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 11.4 %².
By 3-year correlation, SHY places #12 of the 17 assets tracked against BHK. Twelve-month performance is nearly a tie, at +4.2% for BHK and +2.5% for SHY. Risk is not evenly split, since BHK carries 7.8 times the volatility of the other side.
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.
BHK vs SHY: side by side
| BHK (Blackrock Core Bond Trust) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +4.2% | +2.5% |
| 5-year return | -15.3% | +9.6% |
| Volatility (ann.) | 12.4% | 1.6% |
| Beta vs S&P 500 | 0.28 | 0.00 |
| Max drawdown (3Y) | -16.6% | -1.0% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 9.85% | 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 | BHK | SHY |
|---|---|---|
| 2022 | -32.6% | -3.9% |
| 2023 | +14.3% | +4.2% |
| 2024 | +3.9% | +3.9% |
| 2025 | +0.3% | +5.0% |
| 2026 | +1.6% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BHK and SHY good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BHK and SHY?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.63 over the last year and 0.50 over 5 years.
Is SHY a good diversifier for BHK?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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/bhk-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bhk-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BHK correlations · SHY correlations
