PDS vs SHY: Correlation
Measured on weekly returns over the past three years, Precision Drilling Corporation (PDS) and iShares 1-3 Year Treasury Bond ETF (SHY) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PDS and SHY?
Over the past 3 years, PDS and SHY 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 -0.39 versus -0.24 over 3 years. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -14.0 %².
SHY is close to the least connected end of PDS's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months PDS outperformed by 55.8 percentage points (+58.3% for PDS against +2.5% for SHY). Note the risk asymmetry: PDS runs 23.6 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.
PDS vs SHY: side by side
| PDS (Precision Drilling Corporation) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +58.3% | +2.5% |
| 5-year return | +182.9% | +9.6% |
| Volatility (ann.) | 37.7% | 1.6% |
| Beta vs S&P 500 | 0.49 | 0.00 |
| Max drawdown (3Y) | -50.5% | -1.0% |
| Market cap | $1.2B | – |
| P/E (trailing) | – | – |
| 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 | PDS | SHY |
|---|---|---|
| 2022 | +116.5% | -3.9% |
| 2023 | -29.2% | +4.2% |
| 2024 | +12.5% | +3.9% |
| 2025 | +17.7% | +5.0% |
| 2026 | +25.7% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PDS and SHY good diversifiers for each other?
Yes. With a correlation of -0.24, PDS and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between PDS and SHY?
As of 2026-08-27, the correlation of weekly returns between PDS and SHY is -0.24 over 3 years, -0.39 over 1 year and -0.09 over 5 years.
Is SHY a good diversifier for PDS?
Yes. With a correlation of -0.24, PDS and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 mean?
A reading of -0.24 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/pds-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pds-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PDS correlations · SHY correlations
