CVX vs SHY: Correlation
Chevron Corporation (CVX) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and SHY?
Over the past 3 years, CVX and SHY moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.24). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -9.1 %².
SHY is close to the least connected end of CVX's tracked universe, ranking #26 of 29. Their recent paths diverged sharply: over the last 12 months CVX outperformed by 27.9 percentage points (+30.4% for CVX against +2.5% for SHY). Across three years, the rolling one-year figure varied moderately, from -0.50 to -0.02. Risk is not evenly split, since CVX carries 14.9 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.
CVX vs SHY: side by side
| CVX (Chevron Corporation) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +30.4% | +2.5% |
| 5-year return | +148.1% | +9.6% |
| Volatility (ann.) | 23.8% | 1.6% |
| Beta vs S&P 500 | 0.22 | 0.00 |
| Max drawdown (3Y) | -20.8% | -1.0% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 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 | CVX | SHY |
|---|---|---|
| 2022 | +58.5% | -3.9% |
| 2023 | -13.6% | +4.2% |
| 2024 | +1.3% | +3.9% |
| 2025 | +10.1% | +5.0% |
| 2026 | +34.7% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and SHY good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVX and SHY?
The CVX/SHY correlation stands at -0.24 on a 3-year window (1 year: -0.39, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for CVX?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvx-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVX correlations · SHY correlations
