PTEN vs SHY: Correlation
How closely do Patterson-UTI Energy, Inc. (PTEN) and iShares 1-3 Year Treasury Bond ETF (SHY) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PTEN and SHY?
On 3 years of weekly data the PTEN/SHY correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.39) than the 3-year average (-0.25). The 5-year figure is -0.09, and annualized covariance runs at -18.8 %².
SHY is close to the least connected end of PTEN's tracked universe, ranking #22 of 23. Their recent paths diverged sharply: over the last 12 months PTEN outperformed by 122.9 percentage points (+125.4% for PTEN against +2.5% for SHY). Risk is not evenly split, since PTEN carries 30.4 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.
PTEN vs SHY: side by side
| PTEN (Patterson-UTI Energy, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +125.4% | +2.5% |
| 5-year return | +84.8% | +9.6% |
| Volatility (ann.) | 48.6% | 1.6% |
| Beta vs S&P 500 | 0.60 | 0.00 |
| Max drawdown (3Y) | -64.6% | -1.0% |
| Market cap | $4.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.06% | 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 | PTEN | SHY |
|---|---|---|
| 2022 | +101.7% | -3.9% |
| 2023 | -34.2% | +4.2% |
| 2024 | -21.0% | +3.9% |
| 2025 | -22.1% | +5.0% |
| 2026 | +104.9% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PTEN and SHY good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between PTEN and SHY?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.39 over the last year and -0.09 over 5 years.
Is SHY a good diversifier for PTEN?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 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/pten-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/pten-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PTEN correlations · SHY correlations
