HAL vs TLT: Correlation
Measured on weekly returns over the past three years, Halliburton (HAL) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and TLT?
Across a 3-year window, the weekly returns of HAL and TLT correlate at -0.16, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Stretching to 5 years gives -0.19, with an annualized covariance of -83.6 %².
By 3-year correlation, TLT places #36 of the 44 assets tracked against HAL. Correlation aside, the last 12 months split them widely, with HAL ahead by 62.5 points (+62.8% versus +0.3%). The rolling one-year correlation moved between -0.38 and -0.04 over the past three years, a moderate range. Note the risk asymmetry: HAL runs 2.8 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.
HAL vs TLT: side by side
| HAL (Halliburton) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +62.8% | +0.3% |
| 5-year return | +93.6% | -34.0% |
| Volatility (ann.) | 38.0% | 13.5% |
| Beta vs S&P 500 | 0.55 | 0.11 |
| Max drawdown (3Y) | -54.0% | -14.8% |
| Market cap | $29.6B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.97% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | Energy | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | HAL | TLT |
|---|---|---|
| 2022 | +74.5% | -31.2% |
| 2023 | -6.5% | +2.8% |
| 2024 | -23.2% | -8.1% |
| 2025 | +7.0% | +4.2% |
| 2026 | +26.7% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and TLT good diversifiers for each other?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between HAL and TLT?
The HAL/TLT correlation stands at -0.16 on a 3-year window (1 year: -0.23, 5 years: -0.19), computed from weekly returns as of 2026-08-27.
Is TLT a good diversifier for HAL?
By historical standards, yes. A correlation of -0.16 means the two rarely move for the same reasons.
What does a correlation of -0.16 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/hal-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hal-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HAL correlations · TLT correlations
