Recent studies have shown that for a variety of unirradiated and irradiated materials, a slope of ∼2 is obtained for a correlation between yield in a shear punch test and yield in a uniaxial tensile test. Application of the von Mises yield criterion would predict a slope of √3. A finite element model (FEM) of the shear punch test was developed to aid in understanding the experimentally obtained slope of ∼2. FEM simulations of the shear punch test were conducted using stress-strain data from uniaxial tensile tests on 316 stainless steel in four initial cold-work conditions. A correlation was developed between the FEM-evaluated effective shear yield strength and the experimentally-evaluated uniaxial yield strength. The slope from this correlation was found to be nearly the same as for the slope from the correlation between the experimentally-evaluated effective shear yield strength and the experimentally-evaluated uniaxial yield strength. The finite element model showed that stresses other than pure shear exist in a specimen during a shear punch test, and these other stresses may explain why the slope of the experimental yield strength correlation is different than √3.