OII vs SHY: Correlation
How closely do Oceaneering International, Inc. (OII) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OII and SHY?
Over the past 3 years, OII 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 -0.14 lands near the 3-year figure. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -14.0 %².
Among the 16 assets we track against OII, SHY sits near the bottom by co-movement, at rank #14. Correlation aside, the last 12 months split them widely, with OII ahead by 107.4 points (+109.9% versus +2.5%). Note the risk asymmetry: OII runs 27.2 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.
OII vs SHY: side by side
| OII (Oceaneering International, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +109.9% | +2.5% |
| 5-year return | +316.7% | +9.6% |
| Volatility (ann.) | 43.5% | 1.6% |
| Beta vs S&P 500 | 0.81 | 0.00 |
| Max drawdown (3Y) | -47.8% | -1.0% |
| Market cap | $5.1B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 0.00% | 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 | OII | SHY |
|---|---|---|
| 2022 | +54.6% | -3.9% |
| 2023 | +21.7% | +4.2% |
| 2024 | +22.6% | +3.9% |
| 2025 | -7.9% | +5.0% |
| 2026 | +113.1% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OII and SHY good diversifiers for each other?
Yes. With a correlation of -0.21, OII and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OII and SHY?
The OII/SHY correlation stands at -0.21 on a 3-year window (1 year: -0.14, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for OII?
Yes. With a correlation of -0.21, OII 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/oii-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oii-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OII correlations · SHY correlations
