IEF vs NVGS: Correlation
Measured on weekly returns over the past three years, iShares 7-10 Year Treasury Bond ETF (IEF) and Navigator Holdings Ltd. (NVGS) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEF and NVGS?
On 3 years of weekly data the IEF/NVGS correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at -0.01 versus -0.26 over 3 years. The 5-year figure is -0.19, and annualized covariance runs at -48.8 %².
Among the 48 assets we track against IEF, NVGS ranks #38 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NVGS ahead by 36.6 points (+0.9% versus +37.5%). Note the risk asymmetry: NVGS runs 4.4 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.
IEF vs NVGS: side by side
| IEF (iShares 7-10 Year Treasury Bond ETF) | NVGS (Navigator Holdings Ltd.) | |
|---|---|---|
| 1-year return | +0.9% | +37.5% |
| 5-year return | -7.9% | +159.5% |
| Volatility (ann.) | 6.5% | 28.8% |
| Beta vs S&P 500 | 0.04 | 0.68 |
| Max drawdown (3Y) | -6.9% | -38.9% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | 9.9 |
| Dividend yield | 3.96% | 1.30% |
| Expense ratio | 0.15% | – |
| Assets under management | $47.2B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | IEF | NVGS |
|---|---|---|
| 2022 | -15.2% | +34.8% |
| 2023 | +3.6% | +22.5% |
| 2024 | -0.6% | +6.8% |
| 2025 | +8.0% | +14.4% |
| 2026 | -0.8% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEF and NVGS good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IEF and NVGS?
As of 2026-08-27, the correlation of weekly returns between IEF and NVGS is -0.26 over 3 years, -0.01 over 1 year and -0.19 over 5 years.
Is NVGS a good diversifier for IEF?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ief-vs-nvgs.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ief-vs-nvgs/)
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Related comparisons
Hubs: IEF correlations · NVGS correlations
