BTE vs IEF: Correlation
How closely do Baytex Energy Corp (BTE) and iShares 7-10 Year Treasury Bond ETF (IEF) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and IEF?
On 3 years of weekly data the BTE/IEF correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.36 over 1 year against -0.26 over 3. The 5-year figure is -0.21, and annualized covariance runs at -77.1 %².
Among the 12 assets we track against BTE, IEF sits near the bottom by co-movement, at rank #9. The last year tells two different stories: BTE led by 121.9 percentage points, +122.8% for BTE against +0.9% for IEF. Risk is not evenly split, since BTE carries 7.0 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.
BTE vs IEF: side by side
| BTE (Baytex Energy Corp) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +122.8% | +0.9% |
| 5-year return | +194.4% | -7.9% |
| Volatility (ann.) | 45.7% | 6.5% |
| Beta vs S&P 500 | 0.38 | 0.04 |
| Max drawdown (3Y) | -66.7% | -6.9% |
| Market cap | $3.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.92% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | BTE | IEF |
|---|---|---|
| 2022 | +46.0% | -15.2% |
| 2023 | -25.7% | +3.6% |
| 2024 | -20.6% | -0.6% |
| 2025 | +27.3% | +8.0% |
| 2026 | +50.3% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and IEF 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 BTE and IEF?
The BTE/IEF correlation stands at -0.26 on a 3-year window (1 year: -0.36, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is IEF a good diversifier for BTE?
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?
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/bte-vs-ief.json
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[](https://www.pairbook.io/pair/bte-vs-ief/)
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Related comparisons
Hubs: BTE correlations · IEF correlations
