OXY vs TLT: Correlation
Occidental Petroleum (OXY) and iShares 20+ Year Treasury Bond ETF (TLT) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and TLT?
Over the past 3 years, OXY and TLT moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.24 over 3 years. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -100.7 %².
Out of 38 assets tracked against OXY, TLT lands near the bottom at #34. Their recent paths diverged sharply: over the last 12 months OXY outperformed by 28.6 percentage points (+28.9% for OXY against +0.3% for TLT). Across three years, the rolling one-year figure varied moderately, from -0.49 to -0.02. One caveat on sizing: OXY is 2.3 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.
OXY vs TLT: side by side
| OXY (Occidental Petroleum) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +28.9% | +0.3% |
| 5-year return | +150.8% | -34.0% |
| Volatility (ann.) | 30.6% | 13.5% |
| Beta vs S&P 500 | 0.13 | 0.11 |
| Max drawdown (3Y) | -46.9% | -14.8% |
| Market cap | $59.1B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 1.71% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | Energy | 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 | OXY | TLT |
|---|---|---|
| 2022 | +119.1% | -31.2% |
| 2023 | -4.1% | +2.8% |
| 2024 | -15.9% | -8.1% |
| 2025 | -14.9% | +4.2% |
| 2026 | +45.2% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and TLT good diversifiers for each other?
Yes. With a correlation of -0.24, OXY and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between OXY and TLT?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.51 over the last year and -0.18 over 5 years.
Is TLT a good diversifier for OXY?
Yes. With a correlation of -0.24, OXY and TLT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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/oxy-vs-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oxy-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OXY correlations · TLT correlations
