HAL vs SHY: Correlation
How closely do Halliburton (HAL) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and SHY?
Over the past 3 years, HAL and SHY moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.26 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is -11.6 %².
Among the 44 assets we track against HAL, SHY sits near the bottom by co-movement, at rank #40. Correlation aside, the last 12 months split them widely, with HAL ahead by 60.3 points (+62.8% versus +2.5%). The rolling one-year correlation moved between -0.39 and 0.05 over the past three years, a moderate range. Risk is not evenly split, since HAL carries 23.8 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.
HAL vs SHY: side by side
| HAL (Halliburton) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +62.8% | +2.5% |
| 5-year return | +93.6% | +9.6% |
| Volatility (ann.) | 38.0% | 1.6% |
| Beta vs S&P 500 | 0.55 | 0.00 |
| Max drawdown (3Y) | -54.0% | -1.0% |
| Market cap | $29.6B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.97% | 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 | HAL | SHY |
|---|---|---|
| 2022 | +74.5% | -3.9% |
| 2023 | -6.5% | +4.2% |
| 2024 | -23.2% | +3.9% |
| 2025 | +7.0% | +5.0% |
| 2026 | +26.7% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and SHY good diversifiers for each other?
Yes. With a correlation of -0.20, HAL and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HAL and SHY?
The HAL/SHY correlation stands at -0.20 on a 3-year window (1 year: -0.26, 5 years: -0.13), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for HAL?
Yes. With a correlation of -0.20, HAL and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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/hal-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hal-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HAL correlations · SHY correlations
