^TNX vs. SHW
^TNX (Cboe 10-Year Treasury Note Yield Index) is an index, while SHW (The Sherwin-Williams Company) is a stock. Over the past 10 years, ^TNX returned 10.69%/yr vs 13.83%/yr for SHW. At a 0.02 correlation, their price movements are largely independent.
Performance
^TNX vs. SHW - Performance Comparison
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Returns By Period
In the year-to-date period, ^TNX achieves a 7.35% return, which is significantly higher than SHW's -0.69% return. Over the past 10 years, ^TNX has underperformed SHW with an annualized return of 10.69%, while SHW has yielded a comparatively higher 13.83% annualized return.
^TNX
- 1D
- -0.40%
- 1M
- -2.74%
- YTD
- 7.35%
- 6M
- 6.86%
- 1Y
- 1.02%
- 3Y*
- 5.84%
- 5Y*
- 23.29%
- 10Y*
- 10.69%
SHW
- 1D
- 0.93%
- 1M
- 6.99%
- YTD
- -0.69%
- 6M
- -2.03%
- 1Y
- -3.77%
- 3Y*
- 9.88%
- 5Y*
- 4.52%
- 10Y*
- 13.83%
^TNX vs. SHW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TNX Cboe 10-Year Treasury Note Yield Index | 7.35% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
SHW The Sherwin-Williams Company | -0.69% | -3.83% | 9.90% | 32.73% | -31.96% | 44.90% | 27.05% | 49.70% | -3.23% | 54.11% |
Correlation
The correlation between ^TNX and SHW is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 1985 | 0.02 |
The correlation between ^TNX and SHW shifts across timeframes, from -0.42 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
^TNX vs. SHW — Risk / Return Rank
^TNX
SHW
^TNX vs. SHW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cboe 10-Year Treasury Note Yield Index (^TNX) and The Sherwin-Williams Company (SHW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^TNX | SHW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.99 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.09 | -0.18 | +0.26 |
| Martin ratioReturn relative to average drawdown | 0.15 | -0.37 | +0.52 |
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Drawdowns
^TNX vs. SHW - Drawdown Comparison
The maximum ^TNX drawdown since its inception was -96.85%, which is greater than SHW's maximum drawdown of -52.02%. Use the drawdown chart below to compare losses from any high point for ^TNX and SHW.
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Drawdown Indicators
| ^TNX | SHW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.85% | -52.02% | -44.83% |
Max Drawdown (1Y)Largest decline over 1 year | -11.94% | -21.36% | +9.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.41% | -25.69% | -1.72% |
Max Drawdown (5Y)Largest decline over 5 years | -27.41% | -42.46% | +15.05% |
Max Drawdown (10Y)Largest decline over 10 years | -84.57% | -42.46% | -42.11% |
Current DrawdownCurrent decline from peak | -71.79% | -18.78% | -53.01% |
Average DrawdownAverage peak-to-trough decline | -55.00% | -11.63% | -43.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.59% | 10.26% | -3.67% |
Volatility
^TNX vs. SHW - Volatility Comparison
The current volatility for Cboe 10-Year Treasury Note Yield Index (^TNX) is 5.03%, while The Sherwin-Williams Company (SHW) has a volatility of 9.00%. This indicates that ^TNX experiences smaller price fluctuations and is considered to be less risky than SHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^TNX | SHW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.03% | 9.00% | -3.97% |
Volatility (6M)Calculated over the trailing 6-month period | 10.72% | 19.26% | -8.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.13% | 24.88% | -9.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.36% | 26.27% | +6.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.98% | 26.60% | +21.38% |
Frequently Asked Questions
^TNX and SHW have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHW has higher volatility (9.00%) compared to ^TNX (5.03%). In terms of maximum drawdown, ^TNX dropped -96.85% vs SHW's -52.02%.
^TNX currently has the higher Sharpe Ratio (0.07 vs -0.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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