OBE vs TLT: Correlation
Measured on weekly returns over the past three years, Obsidian Energy Ltd. (OBE) and iShares 20+ Year Treasury Bond ETF (TLT) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBE and TLT?
Over the past 3 years, OBE and TLT moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.27). Over 5 years the correlation is -0.24, and the annualized covariance of weekly returns is -179.6 %².
TLT is close to the least connected end of OBE's tracked universe, ranking #16 of 18. The last year tells two different stories: OBE led by 93.0 percentage points, +93.3% for OBE against +0.3% for TLT. One caveat on sizing: OBE is 3.7 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.
OBE vs TLT: side by side
| OBE (Obsidian Energy Ltd.) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +93.3% | +0.3% |
| 5-year return | +339.0% | -34.0% |
| Volatility (ann.) | 50.2% | 13.5% |
| Beta vs S&P 500 | 0.38 | 0.11 |
| Max drawdown (3Y) | -56.4% | -14.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.00% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | OBE | TLT |
|---|---|---|
| 2022 | +61.2% | -31.2% |
| 2023 | +2.1% | +2.8% |
| 2024 | -14.6% | -8.1% |
| 2025 | +5.9% | +4.2% |
| 2026 | +92.7% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBE and TLT good diversifiers for each other?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OBE and TLT?
The OBE/TLT correlation stands at -0.27 on a 3-year window (1 year: -0.38, 5 years: -0.24), computed from weekly returns as of 2026-08-27.
Is TLT a good diversifier for OBE?
Yes: at -0.27, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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/obe-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/obe-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OBE correlations · TLT correlations
