CHRD vs SHY: Correlation
How closely do Chord Energy Corporation (CHRD) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRD and SHY?
On 3 years of weekly data the CHRD/SHY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.25). The 5-year figure is -0.18, and annualized covariance runs at -13.8 %².
Out of 38 assets tracked against CHRD, SHY lands near the bottom at #38. Correlation aside, the last 12 months split them widely, with CHRD ahead by 38.1 points (+40.6% versus +2.5%). One caveat on sizing: CHRD is 22.1 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.
CHRD vs SHY: side by side
| CHRD (Chord Energy Corporation) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +40.6% | +2.5% |
| 5-year return | +164.0% | +9.6% |
| Volatility (ann.) | 35.4% | 1.6% |
| Beta vs S&P 500 | 0.34 | 0.00 |
| Max drawdown (3Y) | -53.9% | -1.0% |
| Market cap | $8.0B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 3.71% | 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 | CHRD | SHY |
|---|---|---|
| 2022 | +34.1% | -3.9% |
| 2023 | +31.7% | +4.2% |
| 2024 | -25.0% | +3.9% |
| 2025 | -16.4% | +5.0% |
| 2026 | +62.0% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRD and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between CHRD and SHY?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.51 over the last year and -0.18 over 5 years.
Is SHY a good diversifier for CHRD?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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/chrd-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chrd-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHRD correlations · SHY correlations
