SD vs SHY: Correlation
SandRidge Energy, Inc. (SD) and iShares 1-3 Year Treasury Bond ETF (SHY) 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 SD and SHY?
On 3 years of weekly data the SD/SHY correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.28 over 1 year against -0.24 over 3. The 5-year figure is -0.09, and annualized covariance runs at -12.3 %².
Among the 13 assets we track against SD, SHY sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with SD ahead by 25.3 points (+27.8% versus +2.5%). Risk is not evenly split, since SD carries 20.6 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.
SD vs SHY: side by side
| SD (SandRidge Energy, Inc.) | SHY (iShares 1-3 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +27.8% | +2.5% |
| 5-year return | +126.2% | +9.6% |
| Volatility (ann.) | 33.0% | 1.6% |
| Beta vs S&P 500 | 0.32 | 0.00 |
| Max drawdown (3Y) | -37.9% | -1.0% |
| Market cap | $0.5B | – |
| P/E (trailing) | 6.3 | – |
| Dividend yield | 3.52% | 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 | SD | SHY |
|---|---|---|
| 2022 | +62.8% | -3.9% |
| 2023 | -8.2% | +4.2% |
| 2024 | -1.2% | +3.9% |
| 2025 | +28.2% | +5.0% |
| 2026 | +1.6% | +1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SD and SHY good diversifiers for each other?
Yes. With a correlation of -0.24, SD and SHY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SD and SHY?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.28 over the last year and -0.09 over 5 years.
Is SHY a good diversifier for SD?
Yes. With a correlation of -0.24, SD 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/sd-vs-shy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/sd-vs-shy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SD correlations · SHY correlations
