OXY vs SHY: Correlation
Measured on weekly returns over the past three years, Occidental Petroleum (OXY) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and SHY?
On 3 years of weekly data the OXY/SHY correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.29). The 5-year figure is -0.07, and annualized covariance runs at -14.0 %².
Among the 38 assets we track against OXY, SHY sits near the bottom by co-movement, at rank #37. Their recent paths diverged sharply: over the last 12 months OXY outperformed by 26.4 percentage points (+28.9% for OXY against +2.5% for SHY). The relationship is regime-dependent: the rolling one-year correlation swung between -0.53 and 0.06 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since OXY carries 19.1 times the volatility of the other side.
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.
OXY vs SHY: side by side
| OXY (Occidental Petroleum) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +28.9% | +2.5% |
| 5-year return | +150.8% | +9.6% |
| Volatility (ann.) | 30.6% | 1.6% |
| Beta vs S&P 500 | 0.13 | 0.00 |
| Max drawdown (3Y) | -46.9% | -1.0% |
| Market cap | $59.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | Energy | 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 | OXY | SHY |
|---|---|---|
| 2022 | +119.1% | -3.9% |
| 2023 | -4.1% | +4.2% |
| 2024 | -15.9% | +3.9% |
| 2025 | -14.9% | +5.0% |
| 2026 | +45.2% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and SHY good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between OXY and SHY?
The OXY/SHY correlation stands at -0.29 on a 3-year window (1 year: -0.48, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is SHY a good diversifier for OXY?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
A reading of -0.29 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/oxy-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/oxy-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OXY correlations · SHY correlations
