COP vs SHY: Correlation
How closely do ConocoPhillips (COP) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.28, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and SHY?
On 3 years of weekly data the COP/SHY correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.28 over 3 years. The 5-year figure is -0.14, and annualized covariance runs at -12.6 %².
SHY is close to the least connected end of COP's tracked universe, ranking #39 of 40. Their recent paths diverged sharply: over the last 12 months COP outperformed by 34.0 percentage points (+36.5% for COP against +2.5% for SHY). This link changes with the market regime, having swung between -0.54 and 0.02 on a rolling one-year basis. Risk is not evenly split, since COP carries 18.2 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.
COP vs SHY: side by side
| COP (ConocoPhillips) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +36.5% | +2.5% |
| 5-year return | +175.2% | +9.6% |
| Volatility (ann.) | 29.1% | 1.6% |
| Beta vs S&P 500 | 0.25 | 0.00 |
| Max drawdown (3Y) | -36.3% | -1.0% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 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 | COP | SHY |
|---|---|---|
| 2022 | +71.7% | -3.9% |
| 2023 | +2.0% | +4.2% |
| 2024 | -12.2% | +3.9% |
| 2025 | -2.3% | +5.0% |
| 2026 | +41.4% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and SHY good diversifiers for each other?
Yes. With a correlation of -0.28, COP and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COP and SHY?
The COP/SHY correlation stands at -0.28 on a 3-year window (1 year: -0.43, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for COP?
Yes. With a correlation of -0.28, COP and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 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/cop-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cop-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COP correlations · SHY correlations
