HPK vs SHY: Correlation
How closely do HighPeak Energy, Inc. (HPK) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HPK and SHY?
On 3 years of weekly data the HPK/SHY correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (-0.24). The 5-year figure is -0.15, and annualized covariance runs at -20.8 %².
SHY is close to the least connected end of HPK's tracked universe, ranking #13 of 13. Twelve-month performance is nearly a tie, at +7.2% for HPK and +2.5% for SHY. One caveat on sizing: HPK is 34.9 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.
HPK vs SHY: side by side
| HPK (HighPeak Energy, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +7.2% | +2.5% |
| 5-year return | -11.4% | +9.6% |
| Volatility (ann.) | 55.8% | 1.6% |
| Beta vs S&P 500 | 0.31 | 0.00 |
| Max drawdown (3Y) | -77.8% | -1.0% |
| Market cap | $1.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.03% | 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 | HPK | SHY |
|---|---|---|
| 2022 | +56.9% | -3.9% |
| 2023 | -37.4% | +4.2% |
| 2024 | +4.3% | +3.9% |
| 2025 | -67.2% | +5.0% |
| 2026 | +68.8% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HPK and SHY good diversifiers for each other?
Yes. With a correlation of -0.24, HPK and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HPK and SHY?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.41 over the last year and -0.15 over 5 years.
Is SHY a good diversifier for HPK?
Yes. With a correlation of -0.24, HPK and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/hpk-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hpk-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HPK correlations · SHY correlations
