FANG vs IEF: Correlation
Diamondback Energy (FANG) and iShares 7-10 Year Treasury Bond ETF (IEF) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and IEF?
Across a 3-year window, the weekly returns of FANG and IEF correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.58 versus -0.28 over 3 years. Stretching to 5 years gives -0.20, with an annualized covariance of -62.3 %².
IEF is close to the least connected end of FANG's tracked universe, ranking #39 of 41. The last year tells two different stories: FANG led by 38.7 percentage points, +39.6% for FANG against +0.9% for IEF. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.55 to 0.01. One caveat on sizing: FANG is 5.2 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.
FANG vs IEF: side by side
| FANG (Diamondback Energy) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +39.6% | +0.9% |
| 5-year return | +224.9% | -7.9% |
| Volatility (ann.) | 34.1% | 6.5% |
| Beta vs S&P 500 | 0.32 | 0.04 |
| Max drawdown (3Y) | -42.1% | -6.9% |
| Market cap | $56.1B | – |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | Energy | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | FANG | IEF |
|---|---|---|
| 2022 | +35.3% | -15.2% |
| 2023 | +19.7% | +3.6% |
| 2024 | +10.3% | -0.6% |
| 2025 | -5.6% | +8.0% |
| 2026 | +35.7% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and IEF good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FANG and IEF?
As of 2026-08-27, the correlation of weekly returns between FANG and IEF is -0.28 over 3 years, -0.58 over 1 year and -0.20 over 5 years.
Is IEF a good diversifier for FANG?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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/fang-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fang-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FANG correlations · IEF correlations
