NOG vs SHY: Correlation
Measured on weekly returns over the past three years, Northern Oil and Gas, Inc. (NOG) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and SHY?
Over the past 3 years, NOG and SHY moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.31 lands near the 3-year figure. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -13.9 %².
Among the 26 assets we track against NOG, SHY sits near the bottom by co-movement, at rank #24. Over the last 12 months NOG came out ahead by 6.7 percentage points (+9.2% against +2.5%). One caveat on sizing: NOG is 26.6 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.
NOG vs SHY: side by side
| NOG (Northern Oil and Gas, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +9.2% | +2.5% |
| 5-year return | +105.5% | +9.6% |
| Volatility (ann.) | 42.6% | 1.6% |
| Beta vs S&P 500 | 0.55 | 0.00 |
| Max drawdown (3Y) | -55.1% | -1.0% |
| Market cap | $2.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | 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 | NOG | SHY |
|---|---|---|
| 2022 | +54.5% | -3.9% |
| 2023 | +25.5% | +4.2% |
| 2024 | +4.8% | +3.9% |
| 2025 | -38.2% | +5.0% |
| 2026 | +26.2% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and SHY good diversifiers for each other?
Yes. With a correlation of -0.21, NOG and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NOG and SHY?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.31 over the last year and -0.10 over 5 years.
Is SHY a good diversifier for NOG?
Yes. With a correlation of -0.21, NOG and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 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/nog-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nog-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NOG correlations · SHY correlations
