GBR vs SHY: Correlation
New Concept Energy, Inc (GBR) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBR and SHY?
On 3 years of weekly data the GBR/SHY correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.23). The 5-year figure is -0.07, and annualized covariance runs at -21.0 %².
SHY is close to the least connected end of GBR's tracked universe, ranking #9 of 10. Their recent paths diverged sharply: over the last 12 months SHY outperformed by 15.0 percentage points (-12.5% for GBR against +2.5% for SHY). One caveat on sizing: GBR is 36.5 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.
GBR vs SHY: side by side
| GBR (New Concept Energy, Inc) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | -12.5% | +2.5% |
| 5-year return | -81.2% | +9.6% |
| Volatility (ann.) | 58.4% | 1.6% |
| Beta vs S&P 500 | 0.50 | 0.00 |
| Max drawdown (3Y) | -65.0% | -1.0% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GBR | SHY |
|---|---|---|
| 2022 | -54.2% | -3.9% |
| 2023 | -8.3% | +4.2% |
| 2024 | +16.0% | +3.9% |
| 2025 | -35.3% | +5.0% |
| 2026 | +0.3% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBR and SHY good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GBR and SHY?
As of 2026-08-27, the correlation of weekly returns between GBR and SHY is -0.23 over 3 years, -0.38 over 1 year and -0.07 over 5 years.
Is SHY a good diversifier for GBR?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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/gbr-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbr-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBR correlations · SHY correlations
