CVE vs SHY: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.30, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and SHY?
On 3 years of weekly data the CVE/SHY correlation comes out at -0.30, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.38 lands near the 3-year figure. The 5-year figure is -0.17, and annualized covariance runs at -16.5 %².
Among the 30 assets we track against CVE, SHY sits near the bottom by co-movement, at rank #30. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 87.0 percentage points (+89.5% for CVE against +2.5% for SHY). Risk is not evenly split, since CVE carries 22.2 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.
CVE vs SHY: side by side
| CVE (Cenovus Energy Inc) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +89.5% | +2.5% |
| 5-year return | +329.0% | +9.6% |
| Volatility (ann.) | 35.6% | 1.6% |
| Beta vs S&P 500 | 0.18 | 0.00 |
| Max drawdown (3Y) | -49.6% | -1.0% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 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 | CVE | SHY |
|---|---|---|
| 2022 | +60.9% | -3.9% |
| 2023 | -12.3% | +4.2% |
| 2024 | -5.8% | +3.9% |
| 2025 | +13.9% | +5.0% |
| 2026 | +89.6% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and SHY good diversifiers for each other?
Yes. With a correlation of -0.30, CVE and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVE and SHY?
As of 2026-08-27, the correlation of weekly returns between CVE and SHY is -0.30 over 3 years, -0.38 over 1 year and -0.17 over 5 years.
Is SHY a good diversifier for CVE?
Yes. With a correlation of -0.30, CVE and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.30 mean?
A reading of -0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cve-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cve-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVE correlations · SHY correlations
