BND vs OBE: Correlation
Measured on weekly returns over the past three years, Vanguard Total Bond Market ETF (BND) and Obsidian Energy Ltd. (OBE) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and OBE?
Over the past 3 years, BND and OBE moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.24). Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -62.9 %².
Among the 33 assets we track against BND, OBE ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OBE outperformed by 91.0 percentage points (+2.3% for BND against +93.3% for OBE). One caveat on sizing: OBE is 9.7 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.
BND vs OBE: side by side
| BND (Vanguard Total Bond Market ETF) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +2.3% | +93.3% |
| 5-year return | -1.3% | +339.0% |
| Volatility (ann.) | 5.2% | 50.2% |
| Beta vs S&P 500 | 0.06 | 0.38 |
| Max drawdown (3Y) | -4.7% | -56.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 36.9 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Bonds | US Listed |
Year-by-year returns
| Year | BND | OBE |
|---|---|---|
| 2022 | -13.1% | +61.2% |
| 2023 | +5.7% | +2.1% |
| 2024 | +1.4% | -14.6% |
| 2025 | +7.1% | +5.9% |
| 2026 | +0.2% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and OBE good diversifiers for each other?
Yes. With a correlation of -0.24, BND and OBE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BND and OBE?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.38 over the last year and -0.19 over 5 years.
Is OBE a good diversifier for BND?
Yes. With a correlation of -0.24, BND and OBE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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/bnd-vs-obe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bnd-vs-obe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BND correlations · OBE correlations
