SHY vs VNOM: Correlation
Measured on weekly returns over the past three years, iShares 1-3 Year Treasury Bond ETF (SHY) and Viper Energy, Inc. (VNOM) carry a correlation of -0.31, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHY and VNOM?
On 3 years of weekly data the SHY/VNOM correlation comes out at -0.31, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.31 over 3. The 5-year figure is -0.13, and annualized covariance runs at -15.4 %².
Out of 62 assets tracked against SHY, VNOM lands near the bottom at #61. The last year tells two different stories: VNOM led by 18.0 percentage points, +2.5% for SHY against +20.5% for VNOM. Risk is not evenly split, since VNOM carries 19.9 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.
SHY vs VNOM: side by side
| SHY (iShares 1-3 Year Treasury Bond ETF) | VNOM (Viper Energy, Inc.) | |
|---|---|---|
| 1-year return | +2.5% | +20.5% |
| 5-year return | +9.6% | +230.6% |
| Volatility (ann.) | 1.6% | 31.8% |
| Beta vs S&P 500 | 0.00 | 0.33 |
| Max drawdown (3Y) | -1.0% | -34.5% |
| Market cap | – | $23.4B |
| P/E (trailing) | – | – |
| Dividend yield | 3.65% | 5.54% |
| Expense ratio | 0.15% | – |
| Assets under management | $25.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, SHY sits in the Short Government category at iShares, with $25.1B under management, a 0.15% expense ratio, a 3.65% trailing dividend yield.
Year-by-year returns
| Year | SHY | VNOM |
|---|---|---|
| 2022 | -3.9% | +61.7% |
| 2023 | +4.2% | +4.8% |
| 2024 | +3.9% | +65.5% |
| 2025 | +5.0% | -16.6% |
| 2026 | +1.1% | +20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHY and VNOM good diversifiers for each other?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHY and VNOM?
As of 2026-08-27, the correlation of weekly returns between SHY and VNOM is -0.31 over 3 years, -0.37 over 1 year and -0.13 over 5 years.
Is VNOM a good diversifier for SHY?
By historical standards, yes. A correlation of -0.31 means the two rarely move for the same reasons.
What does a correlation of -0.31 mean?
A reading of -0.31 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/shy-vs-vnom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/shy-vs-vnom/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHY correlations · VNOM correlations
