DVN vs SHY: Correlation
How closely do Devon Energy (DVN) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and SHY?
Over the past 3 years, DVN and SHY moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.35 lands near the 3-year figure. Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -13.7 %².
Out of 42 assets tracked against DVN, SHY lands near the bottom at #41. Their recent paths diverged sharply: over the last 12 months DVN outperformed by 33.4 percentage points (+35.9% for DVN against +2.5% for SHY). On a rolling one-year basis the correlation drifted between -0.50 and -0.02, a moderate band. Risk is not evenly split, since DVN carries 21.4 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.
DVN vs SHY: side by side
| DVN (Devon Energy) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +35.9% | +2.5% |
| 5-year return | +102.7% | +9.6% |
| Volatility (ann.) | 34.3% | 1.6% |
| Beta vs S&P 500 | 0.16 | 0.00 |
| Max drawdown (3Y) | -49.2% | -1.0% |
| Market cap | $51.8B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 2.22% | 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 | DVN | SHY |
|---|---|---|
| 2022 | +50.9% | -3.9% |
| 2023 | -21.8% | +4.2% |
| 2024 | -25.2% | +3.9% |
| 2025 | +15.0% | +5.0% |
| 2026 | +30.2% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between DVN and SHY?
The DVN/SHY correlation stands at -0.26 on a 3-year window (1 year: -0.35, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for DVN?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 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/dvn-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dvn-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DVN correlations · SHY correlations
