IEF vs OXY: Correlation
iShares 7-10 Year Treasury Bond ETF (IEF) and Occidental Petroleum (OXY) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEF and OXY?
On 3 years of weekly data the IEF/OXY correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.55) than the 3-year average (-0.26). The 5-year figure is -0.09, and annualized covariance runs at -51.6 %².
Within IEF's tracked universe of 48 assets, OXY comes in at #39 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OXY ahead by 28.0 points (+0.9% versus +28.9%). This link changes with the market regime, having swung between -0.55 and 0.01 on a rolling one-year basis. Risk is not evenly split, since OXY carries 4.7 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.
IEF vs OXY: side by side
| IEF (iShares 7-10 Year Treasury Bond ETF) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +0.9% | +28.9% |
| 5-year return | -7.9% | +150.8% |
| Volatility (ann.) | 6.5% | 30.6% |
| Beta vs S&P 500 | 0.04 | 0.13 |
| Max drawdown (3Y) | -6.9% | -46.9% |
| Market cap | – | $59.1B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 3.96% | 1.71% |
| Expense ratio | 0.15% | – |
| Assets under management | $47.2B | – |
| Sector / category | ETF · Bonds | Energy |
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 | OXY |
|---|---|---|
| 2022 | -15.2% | +119.1% |
| 2023 | +3.6% | -4.1% |
| 2024 | -0.6% | -15.9% |
| 2025 | +8.0% | -14.9% |
| 2026 | -0.8% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEF and OXY 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 OXY?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.55 over the last year and -0.09 over 5 years.
Is OXY 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ief-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEF correlations · OXY correlations
