FANG vs SHY: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and SHY?
On 3 years of weekly data the FANG/SHY correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.28). The 5-year figure is -0.14, and annualized covariance runs at -15.1 %².
Out of 41 assets tracked against FANG, SHY lands near the bottom at #40. The last year tells two different stories: FANG led by 37.1 percentage points, +39.6% for FANG against +2.5% for SHY. Across three years, the rolling one-year figure varied moderately, from -0.47 to -0.02. Note the risk asymmetry: FANG runs 21.3 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.
FANG vs SHY: side by side
| FANG (Diamondback Energy) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +39.6% | +2.5% |
| 5-year return | +224.9% | +9.6% |
| Volatility (ann.) | 34.1% | 1.6% |
| Beta vs S&P 500 | 0.32 | 0.00 |
| Max drawdown (3Y) | -42.1% | -1.0% |
| Market cap | $56.1B | – |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 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 | FANG | SHY |
|---|---|---|
| 2022 | +35.3% | -3.9% |
| 2023 | +19.7% | +4.2% |
| 2024 | +10.3% | +3.9% |
| 2025 | -5.6% | +5.0% |
| 2026 | +35.7% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
FAQ
What is the correlation between FANG and SHY?
The FANG/SHY correlation stands at -0.28 on a 3-year window (1 year: -0.46, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for FANG?
By historical standards, yes. A correlation of -0.28 means the two rarely move for the same reasons.
What does a correlation of -0.28 mean?
A reading of -0.28 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/fang-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fang-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FANG correlations · SHY correlations
