diff --git a/CHANGELOG.md b/CHANGELOG.md
index db53f70..93e6d85 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,6 +4,16 @@ All noteable changes to this project will be documented in this file.
 
 <!--next-version-placeholder-->
 
+## v2023.5.1 (2023-06-23)
+
+### Feature
+
+* Add covariance shrinkage ([`fa59413`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/fa59413221728f9dc4c8aebe15a3d65ee4cccc11))
+
+### Fix
+
+* Insufficient returns in fitting rolling risk model ([`96ca77b`](https://github.com/factorpricingmodel/factor-pricing-model-risk-model/commit/96ca77b70e6c7bcca86b47553d3e9507d04139da))
+
 ## v2023.5.0 (2023-06-22)
 
 ### Feature
diff --git a/pyproject.toml b/pyproject.toml
index 56a9666..ad1de52 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "factor-pricing-model-risk-model"
-version = "2023.5.0"
+version = "2023.5.1"
 description = "Package to build risk models for factor pricing model"
 authors = ["Factor Pricing Model <factor.pricing.model@gmail.com>"]
 license = "MIT"
diff --git a/src/fpm_risk_model/__init__.py b/src/fpm_risk_model/__init__.py
index 2dae0ce..70436f5 100644
--- a/src/fpm_risk_model/__init__.py
+++ b/src/fpm_risk_model/__init__.py
@@ -1,4 +1,4 @@
-__version__ = "2023.5.0"
+__version__ = "2023.5.1"
 
 # flake8: noqa
 from .factor_risk_model import FactorRiskModel