OVV vs SHY: Correlation
Ovintiv Inc. (DE) (OVV) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and SHY?
On 3 years of weekly data the OVV/SHY correlation comes out at -0.26, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.40) runs below the 3-year figure (-0.26). The 5-year figure is -0.15, and annualized covariance runs at -15.0 %².
SHY is close to the least connected end of OVV's tracked universe, ranking #42 of 44. Their recent paths diverged sharply: over the last 12 months OVV outperformed by 58.7 percentage points (+61.2% for OVV against +2.5% for SHY). Note the risk asymmetry: OVV runs 22.7 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.
OVV vs SHY: side by side
| OVV (Ovintiv Inc. (DE)) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +61.2% | +2.5% |
| 5-year return | +175.7% | +9.6% |
| Volatility (ann.) | 36.4% | 1.6% |
| Beta vs S&P 500 | 0.43 | 0.00 |
| Max drawdown (3Y) | -42.2% | -1.0% |
| Market cap | $18.0B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | 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 | OVV | SHY |
|---|---|---|
| 2022 | +53.3% | -3.9% |
| 2023 | -10.9% | +4.2% |
| 2024 | -5.2% | +3.9% |
| 2025 | -0.3% | +5.0% |
| 2026 | +68.1% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and SHY good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OVV and SHY?
The OVV/SHY correlation stands at -0.26 on a 3-year window (1 year: -0.40, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for OVV?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
A reading of -0.26 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/ovv-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ovv-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OVV correlations · SHY correlations
