Yes.
You should be able to do that from Windows Disk Management.
You would shrink the 500 GB partition down to a smaller size, maybe 200.
That will leave the remainder of the drive as "unallocated space".
Then you would create a new partition from that unallocated space, also in Windows Disk Management.
There is some chance you will have to use another application to do the job, but usually it can be done from Disk Management.