CVX vs IEF: Correlation
Chevron Corporation (CVX) and iShares 7-10 Year Treasury Bond ETF (IEF) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and IEF?
Over the past 3 years, CVX and IEF moved with a correlation of -0.22, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.22). Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -34.2 %².
IEF is close to the least connected end of CVX's tracked universe, ranking #25 of 29. Their recent paths diverged sharply: over the last 12 months CVX outperformed by 29.5 percentage points (+30.4% for CVX against +0.9% for IEF). This link changes with the market regime, having swung between -0.53 and -0.00 on a rolling one-year basis. One caveat on sizing: CVX is 3.7 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.
CVX vs IEF: side by side
| CVX (Chevron Corporation) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +30.4% | +0.9% |
| 5-year return | +148.1% | -7.9% |
| Volatility (ann.) | 23.8% | 6.5% |
| Beta vs S&P 500 | 0.22 | 0.04 |
| Max drawdown (3Y) | -20.8% | -6.9% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | Energy | 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 | CVX | IEF |
|---|---|---|
| 2022 | +58.5% | -15.2% |
| 2023 | -13.6% | +3.6% |
| 2024 | +1.3% | -0.6% |
| 2025 | +10.1% | +8.0% |
| 2026 | +34.7% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and IEF good diversifiers for each other?
Yes. With a correlation of -0.22, CVX and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVX and IEF?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.50 over the last year and -0.13 over 5 years.
Is IEF a good diversifier for CVX?
Yes. With a correlation of -0.22, CVX and IEF have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvx-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvx-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVX correlations · IEF correlations
