IEF vs OBE: Correlation
iShares 7-10 Year Treasury Bond ETF (IEF) and Obsidian Energy Ltd. (OBE) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEF and OBE?
Across a 3-year window, the weekly returns of IEF and OBE correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.27 over 3 years. Stretching to 5 years gives -0.23, with an annualized covariance of -88.4 %².
Within IEF's tracked universe of 48 assets, OBE comes in at #41 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OBE ahead by 92.4 points (+0.9% versus +93.3%). Note the risk asymmetry: OBE runs 7.7 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 OBE: side by side
| IEF (iShares 7-10 Year Treasury Bond ETF) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +0.9% | +93.3% |
| 5-year return | -7.9% | +339.0% |
| Volatility (ann.) | 6.5% | 50.2% |
| Beta vs S&P 500 | 0.04 | 0.38 |
| Max drawdown (3Y) | -6.9% | -56.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 36.9 |
| Dividend yield | 3.96% | 0.00% |
| Expense ratio | 0.15% | – |
| Assets under management | $47.2B | – |
| Sector / category | ETF · Bonds | US Listed |
IEF is a Long Government fund from iShares: $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | IEF | OBE |
|---|---|---|
| 2022 | -15.2% | +61.2% |
| 2023 | +3.6% | +2.1% |
| 2024 | -0.6% | -14.6% |
| 2025 | +8.0% | +5.9% |
| 2026 | -0.8% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEF and OBE good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between IEF and OBE?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.39 over the last year and -0.23 over 5 years.
Is OBE a good diversifier for IEF?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
A reading of -0.27 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/ief-vs-obe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ief-vs-obe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEF correlations · OBE correlations
