QBE and interest rate yields

I've run some comparisons on QBE's share price performance over the past 10 years versus the US Treasury Constant Maturity 10 year rate (essentially a 10 year yield rate based on a basket of US treasuries). As per the chart attached, this relationship has shown a close correlation for most of the last 10 years until the past 6 months when the 10 year rate has gone up significantly, but QBE's s/p has gone down. With my optimistic hat on, I'd say that the market has overlooked this relationship due to the various operational issues. Accordingly, QBE could be set to take off if the bad news eases up over the next 6-12 months.