IMO vs SHY: Correlation
Imperial Oil Limited (IMO) and iShares 1-3 Year Treasury Bond ETF (SHY) 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 IMO and SHY?
On 3 years of weekly data the IMO/SHY correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.33 over 1 year against -0.24 over 3. The 5-year figure is -0.14, and annualized covariance runs at -10.9 %².
Among the 12 assets we track against IMO, SHY sits near the bottom by co-movement, at rank #12. Their recent paths diverged sharply: over the last 12 months IMO outperformed by 47.9 percentage points (+50.4% for IMO against +2.5% for SHY). Note the risk asymmetry: IMO runs 18.0 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.
IMO vs SHY: side by side
| IMO (Imperial Oil Limited) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +50.4% | +2.5% |
| 5-year return | +468.0% | +9.6% |
| Volatility (ann.) | 28.8% | 1.6% |
| Beta vs S&P 500 | 0.24 | 0.00 |
| Max drawdown (3Y) | -22.9% | -1.0% |
| Market cap | – | – |
| P/E (trailing) | 21.2 | – |
| Dividend yield | 2.42% | 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 | IMO | SHY |
|---|---|---|
| 2022 | +38.0% | -3.9% |
| 2023 | +20.6% | +4.2% |
| 2024 | +10.5% | +3.9% |
| 2025 | +43.8% | +5.0% |
| 2026 | +54.8% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMO and SHY good diversifiers for each other?
Yes. With a correlation of -0.24, IMO and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMO and SHY?
As of 2026-08-27, the correlation of weekly returns between IMO and SHY is -0.24 over 3 years, -0.33 over 1 year and -0.14 over 5 years.
Is SHY a good diversifier for IMO?
Yes. With a correlation of -0.24, IMO and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/imo-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/imo-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: IMO correlations · SHY correlations
