EGY vs SHY: Correlation
VAALCO Energy, Inc. (EGY) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGY and SHY?
Over the past 3 years, EGY and SHY moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.50) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -20.3 %².
SHY is close to the least connected end of EGY's tracked universe, ranking #10 of 10. Their recent paths diverged sharply: over the last 12 months EGY outperformed by 54.5 percentage points (+57.0% for EGY against +2.5% for SHY). One caveat on sizing: EGY is 29.9 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.
EGY vs SHY: side by side
| EGY (VAALCO Energy, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +57.0% | +2.5% |
| 5-year return | +195.9% | +9.6% |
| Volatility (ann.) | 47.9% | 1.6% |
| Beta vs S&P 500 | 0.50 | 0.00 |
| Max drawdown (3Y) | -56.5% | -1.0% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.39% | 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 | EGY | SHY |
|---|---|---|
| 2022 | +45.5% | -3.9% |
| 2023 | +4.4% | +4.2% |
| 2024 | +2.0% | +3.9% |
| 2025 | -10.7% | +5.0% |
| 2026 | +64.0% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGY and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between EGY and SHY?
As of 2026-08-27, the correlation of weekly returns between EGY and SHY is -0.27 over 3 years, -0.50 over 1 year and -0.14 over 5 years.
Is SHY a good diversifier for EGY?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 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/egy-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/egy-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EGY correlations · SHY correlations
