LQD vs SU: Correlation
iShares iBoxx Investment Grade Corporate Bond ETF (LQD) and Suncor Energy Inc. (SU) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LQD and SU?
Over the past 3 years, LQD and SU moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.21). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -44.2 %².
Within LQD's tracked universe of 33 assets, SU comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SU outperformed by 62.8 percentage points (+1.5% for LQD against +64.3% for SU). Note the risk asymmetry: SU runs 4.0 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.
LQD vs SU: side by side
| LQD (iShares iBoxx Investment Grade Corporate Bond ETF) | SU (Suncor Energy Inc.) | |
|---|---|---|
| 1-year return | +1.5% | +64.3% |
| 5-year return | -4.1% | +325.4% |
| Volatility (ann.) | 7.3% | 29.1% |
| Beta vs S&P 500 | 0.15 | 0.13 |
| Max drawdown (3Y) | -6.7% | -22.7% |
| Market cap | – | $78.4B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 4.66% | 3.61% |
| Expense ratio | 0.14% | – |
| Assets under management | $33.0B | – |
| Sector / category | ETF · Bonds | US Listed |
LQD is a Corporate Bond fund from iShares: $33.0B under management, a 0.14% expense ratio, a 4.66% trailing dividend yield.
Year-by-year returns
| Year | LQD | SU |
|---|---|---|
| 2022 | -17.9% | +32.3% |
| 2023 | +9.4% | +6.0% |
| 2024 | +0.9% | +16.2% |
| 2025 | +7.9% | +27.1% |
| 2026 | -0.5% | +51.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LQD and SU good diversifiers for each other?
Yes. With a correlation of -0.21, LQD and SU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LQD and SU?
The LQD/SU correlation stands at -0.21 on a 3-year window (1 year: -0.49, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is SU a good diversifier for LQD?
Yes. With a correlation of -0.21, LQD and SU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/lqd-vs-su.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/lqd-vs-su/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LQD correlations · SU correlations
