RJF vs SHY: Correlation
Raymond James Financial (RJF) and iShares 1-3 Year Treasury Bond ETF (SHY) show a negative relationship: their 3-year correlation of weekly returns is -0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RJF and SHY?
Over the past 3 years, RJF and SHY moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.22 over 1 year against -0.15 over 3. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -5.9 %².
Among the 29 assets we track against RJF, SHY ranks #20 by 3-year correlation. Twelve-month performance is nearly a tie, at +6.3% for RJF and +2.5% for SHY. This link changes with the market regime, having swung between -0.46 and 0.19 on a rolling one-year basis. Note the risk asymmetry: RJF runs 15.5 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.
RJF vs SHY: side by side
| RJF (Raymond James Financial) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +6.3% | +2.5% |
| 5-year return | +102.1% | +9.6% |
| Volatility (ann.) | 24.8% | 1.6% |
| Beta vs S&P 500 | 1.03 | 0.00 |
| Max drawdown (3Y) | -28.1% | -1.0% |
| Market cap | $33.8B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 1.20% | 3.65% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.1B |
| Sector / category | Financials | 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 | RJF | SHY |
|---|---|---|
| 2022 | +8.3% | -3.9% |
| 2023 | +6.1% | +4.2% |
| 2024 | +40.8% | +3.9% |
| 2025 | +4.7% | +5.0% |
| 2026 | +10.8% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RJF and SHY good diversifiers for each other?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between RJF and SHY?
As of 2026-08-27, the correlation of weekly returns between RJF and SHY is -0.15 over 3 years, -0.22 over 1 year and -0.14 over 5 years.
Is SHY a good diversifier for RJF?
By historical standards, yes. A correlation of -0.15 means the two rarely move for the same reasons.
What does a correlation of -0.15 mean?
On the −1 to +1 scale, -0.15 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/rjf-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rjf-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RJF correlations · SHY correlations
