APA vs DVN: Correlation
How closely do APA Corporation (APA) and Devon Energy (DVN) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and DVN?
Across a 3-year window, the weekly returns of APA and DVN correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.79 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 1180.1 %².
DVN is one of the assets that tracks APA most closely: it ranks #3 out of the 43 assets we track against APA. The last year tells two different stories: APA led by 58.2 percentage points, +94.1% for APA against +35.9% for DVN. The link looks structural: the rolling one-year correlation barely moved, holding between 0.72 and 0.85.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
APA vs DVN: side by side
| APA (APA Corporation) | DVN (Devon Energy) | |
|---|---|---|
| 1-year return | +94.1% | +35.9% |
| 5-year return | +164.2% | +102.7% |
| Volatility (ann.) | 41.8% | 34.3% |
| Beta vs S&P 500 | 0.38 | 0.16 |
| Max drawdown (3Y) | -67.4% | -49.2% |
| Market cap | $14.8B | $51.8B |
| P/E (trailing) | 8.7 | 10.2 |
| Dividend yield | 2.43% | 2.22% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | DVN |
|---|---|---|
| 2022 | +76.4% | +50.9% |
| 2023 | -21.2% | -21.8% |
| 2024 | -33.4% | -25.2% |
| 2025 | +11.5% | +15.0% |
| 2026 | +77.3% | +30.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and DVN good diversifiers for each other?
No: a correlation of 0.82 means APA and DVN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between APA and DVN?
As of 2026-08-27, the correlation of weekly returns between APA and DVN is 0.82 over 3 years, 0.79 over 1 year and 0.83 over 5 years.
Is DVN a good diversifier for APA?
No: a correlation of 0.82 means APA and DVN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-dvn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/apa-vs-dvn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: APA correlations · DVN correlations
