MUR vs SHY: Correlation
Measured on weekly returns over the past three years, Murphy Oil Corporation (MUR) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUR and SHY?
Across a 3-year window, the weekly returns of MUR and SHY correlate at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.37 versus -0.25 over 3 years. Stretching to 5 years gives -0.13, with an annualized covariance of -15.2 %².
SHY is close to the least connected end of MUR's tracked universe, ranking #14 of 16. The last year tells two different stories: MUR led by 49.2 percentage points, +51.7% for MUR against +2.5% for SHY. One caveat on sizing: MUR is 24.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MUR vs SHY: side by side
| MUR (Murphy Oil Corporation) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +51.7% | +2.5% |
| 5-year return | +96.7% | +9.6% |
| Volatility (ann.) | 39.7% | 1.6% |
| Beta vs S&P 500 | 0.16 | 0.00 |
| Max drawdown (3Y) | -58.5% | -1.0% |
| Market cap | $5.2B | – |
| P/E (trailing) | 17.2 | – |
| Dividend yield | 3.89% | 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 | MUR | SHY |
|---|---|---|
| 2022 | +68.5% | -3.9% |
| 2023 | +2.0% | +4.2% |
| 2024 | -26.8% | +3.9% |
| 2025 | +8.7% | +5.0% |
| 2026 | +18.5% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUR and SHY good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MUR and SHY?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.37 over the last year and -0.13 over 5 years.
Is SHY a good diversifier for MUR?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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/mur-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mur-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MUR correlations · SHY correlations
