SHY vs SU: Correlation
How closely do iShares 1-3 Year Treasury Bond ETF (SHY) and Suncor Energy Inc. (SU) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHY and SU?
Over the past 3 years, SHY and SU moved with a correlation of -0.29, 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 -0.29 over 3 years. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -13.2 %².
Within SHY's tracked universe of 62 assets, SU comes in at #57 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SU ahead by 61.8 points (+2.5% versus +64.3%). Note the risk asymmetry: SU runs 18.2 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.
SHY vs SU: side by side
| SHY (iShares 1-3 Year Treasury Bond ETF) | SU (Suncor Energy Inc.) | |
|---|---|---|
| 1-year return | +2.5% | +64.3% |
| 5-year return | +9.6% | +325.4% |
| Volatility (ann.) | 1.6% | 29.1% |
| Beta vs S&P 500 | 0.00 | 0.13 |
| Max drawdown (3Y) | -1.0% | -22.7% |
| Market cap | – | $78.4B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 3.65% | 3.61% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.1B | – |
| Sector / category | ETF · Bonds | US Listed |
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 | SHY | SU |
|---|---|---|
| 2022 | -3.9% | +32.3% |
| 2023 | +4.2% | +6.0% |
| 2024 | +3.9% | +16.2% |
| 2025 | +5.0% | +27.1% |
| 2026 | +1.1% | +51.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHY and SU good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHY and SU?
Using weekly returns as of 2026-08-27: -0.29 over 3 years, with -0.39 over the last year and -0.16 over 5 years.
Is SU a good diversifier for SHY?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/shy-vs-su.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/shy-vs-su/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHY correlations · SU correlations
