EOG vs SHY: Correlation
Measured on weekly returns over the past three years, EOG Resources (EOG) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOG and SHY?
Across a 3-year window, the weekly returns of EOG and SHY correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.45 versus -0.24 over 3 years. Stretching to 5 years gives -0.12, with an annualized covariance of -10.3 %².
SHY is close to the least connected end of EOG's tracked universe, ranking #39 of 40. The last year tells two different stories: EOG led by 19.2 percentage points, +21.7% for EOG against +2.5% for SHY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.52 to 0.09. Risk is not evenly split, since EOG carries 17.6 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.
EOG vs SHY: side by side
| EOG (EOG Resources) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +21.7% | +2.5% |
| 5-year return | +171.5% | +9.6% |
| Volatility (ann.) | 28.1% | 1.6% |
| Beta vs S&P 500 | 0.14 | 0.00 |
| Max drawdown (3Y) | -23.7% | -1.0% |
| Market cap | $75.8B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 2.82% | 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 | EOG | SHY |
|---|---|---|
| 2022 | +56.9% | -3.9% |
| 2023 | -2.0% | +4.2% |
| 2024 | +4.3% | +3.9% |
| 2025 | -11.4% | +5.0% |
| 2026 | +41.0% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOG and SHY good diversifiers for each other?
Yes. With a correlation of -0.24, EOG and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EOG and SHY?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.45 over the last year and -0.12 over 5 years.
Is SHY a good diversifier for EOG?
Yes. With a correlation of -0.24, EOG and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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/eog-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eog-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EOG correlations · SHY correlations
