BKR vs SHY: Correlation
How closely do Baker Hughes (BKR) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and SHY?
Across a 3-year window, the weekly returns of BKR and SHY correlate at -0.17, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.09 over 1 year against -0.17 over 3. Stretching to 5 years gives -0.07, with an annualized covariance of -8.6 %².
By 3-year correlation, SHY places #22 of the 30 assets tracked against BKR. Their recent paths diverged sharply: over the last 12 months BKR outperformed by 38.4 percentage points (+40.9% for BKR against +2.5% for SHY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.46 to 0.08. Note the risk asymmetry: BKR runs 20.1 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.
BKR vs SHY: side by side
| BKR (Baker Hughes) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +40.9% | +2.5% |
| 5-year return | +205.5% | +9.6% |
| Volatility (ann.) | 32.2% | 1.6% |
| Beta vs S&P 500 | 0.61 | 0.00 |
| Max drawdown (3Y) | -28.0% | -1.0% |
| Market cap | $61.7B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.48% | 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 | BKR | SHY |
|---|---|---|
| 2022 | +26.0% | -3.9% |
| 2023 | +18.6% | +4.2% |
| 2024 | +23.1% | +3.9% |
| 2025 | +13.4% | +5.0% |
| 2026 | +37.9% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and SHY good diversifiers for each other?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BKR and SHY?
As of 2026-08-27, the correlation of weekly returns between BKR and SHY is -0.17 over 3 years, -0.09 over 1 year and -0.07 over 5 years.
Is SHY a good diversifier for BKR?
Yes: at -0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.17 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bkr-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkr-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BKR correlations · SHY correlations
