IEF vs PDS: Correlation
iShares 7-10 Year Treasury Bond ETF (IEF) and Precision Drilling Corporation (PDS) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IEF and PDS?
Over the past 3 years, IEF and PDS moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.24). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -59.7 %².
By 3-year correlation, PDS places #30 of the 48 assets tracked against IEF. The last year tells two different stories: PDS led by 57.4 percentage points, +0.9% for IEF against +58.3% for PDS. Risk is not evenly split, since PDS carries 5.8 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 PDS: side by side
| IEF (iShares 7-10 Year Treasury Bond ETF) | PDS (Precision Drilling Corporation) | |
|---|---|---|
| 1-year return | +0.9% | +58.3% |
| 5-year return | -7.9% | +182.9% |
| Volatility (ann.) | 6.5% | 37.7% |
| Beta vs S&P 500 | 0.04 | 0.49 |
| Max drawdown (3Y) | -6.9% | -50.5% |
| Market cap | – | $1.2B |
| P/E (trailing) | – | – |
| Dividend yield | 3.96% | 0.00% |
| 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 | PDS |
|---|---|---|
| 2022 | -15.2% | +116.5% |
| 2023 | +3.6% | -29.2% |
| 2024 | -0.6% | +12.5% |
| 2025 | +8.0% | +17.7% |
| 2026 | -0.8% | +25.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEF and PDS good diversifiers for each other?
Yes. With a correlation of -0.24, IEF and PDS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IEF and PDS?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.46 over the last year and -0.10 over 5 years.
Is PDS a good diversifier for IEF?
Yes. With a correlation of -0.24, IEF and PDS 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/ief-vs-pds.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ief-vs-pds/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IEF correlations · PDS correlations
