DXR vs SHY: Correlation
Measured on weekly returns over the past three years, Daxor Corporation - Closed End Fund (DXR) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DXR and SHY?
Across a 3-year window, the weekly returns of DXR and SHY correlate at -0.22, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.05 versus -0.22 over 3 years. Stretching to 5 years gives -0.03, with an annualized covariance of -13.9 %².
Out of 10 assets tracked against DXR, SHY lands near the bottom at #9. Correlation aside, the last 12 months split them widely, with SHY ahead by 17.2 points (-14.7% versus +2.5%). Note the risk asymmetry: DXR runs 24.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DXR vs SHY: side by side
| DXR (Daxor Corporation - Closed End Fund) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | -14.7% | +2.5% |
| 5-year return | +1.8% | +9.6% |
| Volatility (ann.) | 39.6% | 1.6% |
| Beta vs S&P 500 | 0.48 | 0.00 |
| Max drawdown (3Y) | -39.9% | -1.0% |
| Market cap | $0.1B | – |
| P/E (trailing) | 6.1 | – |
| Dividend yield | 0.00% | 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 | DXR | SHY |
|---|---|---|
| 2022 | -18.9% | -3.9% |
| 2023 | +4.8% | +4.2% |
| 2024 | -19.9% | +3.9% |
| 2025 | +91.8% | +5.0% |
| 2026 | -34.4% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DXR and SHY good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DXR and SHY?
Using weekly returns as of 2026-08-27: -0.22 over 3 years, with -0.05 over the last year and -0.03 over 5 years.
Is SHY a good diversifier for DXR?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
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/dxr-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dxr-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DXR correlations · SHY correlations
