ECVT vs SHY: Correlation
How closely do Ecovyst Inc. (ECVT) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECVT and SHY?
On 3 years of weekly data the ECVT/SHY correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.07) runs above the 3-year figure (-0.21). The 5-year figure is -0.08, and annualized covariance runs at -13.2 %².
Out of 13 assets tracked against ECVT, SHY lands near the bottom at #11. On 12-month performance ECVT holds a 9.0-point edge, +11.5% against +2.5%. One caveat on sizing: ECVT is 24.8 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.
ECVT vs SHY: side by side
| ECVT (Ecovyst Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +11.5% | +2.5% |
| 5-year return | -23.2% | +9.6% |
| Volatility (ann.) | 39.7% | 1.6% |
| Beta vs S&P 500 | 0.82 | 0.00 |
| Max drawdown (3Y) | -52.2% | -1.0% |
| Market cap | $1.1B | – |
| P/E (trailing) | 44.1 | – |
| 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 | ECVT | SHY |
|---|---|---|
| 2022 | -13.5% | -3.9% |
| 2023 | +10.3% | +4.2% |
| 2024 | -21.8% | +3.9% |
| 2025 | +27.4% | +5.0% |
| 2026 | +4.3% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECVT and SHY good diversifiers for each other?
Yes. With a correlation of -0.21, ECVT and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ECVT and SHY?
As of 2026-08-27, the correlation of weekly returns between ECVT and SHY is -0.21 over 3 years, -0.07 over 1 year and -0.08 over 5 years.
Is SHY a good diversifier for ECVT?
Yes. With a correlation of -0.21, ECVT and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ecvt-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecvt-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECVT correlations · SHY correlations
