APA vs OVV: Correlation
How closely do APA Corporation (APA) and Ovintiv Inc. (DE) (OVV) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and OVV?
On 3 years of weekly data the APA/OVV correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 1213.8 %².
By 3-year correlation, OVV places #6 of the 43 assets tracked against APA. Their recent paths diverged sharply: over the last 12 months APA outperformed by 32.9 percentage points (+94.1% for APA against +61.2% for OVV).
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 OVV: side by side
| APA (APA Corporation) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +94.1% | +61.2% |
| 5-year return | +164.2% | +175.7% |
| Volatility (ann.) | 41.8% | 36.4% |
| Beta vs S&P 500 | 0.38 | 0.43 |
| Max drawdown (3Y) | -67.4% | -42.2% |
| Market cap | $14.8B | $18.0B |
| P/E (trailing) | 8.7 | 18.0 |
| Dividend yield | 2.43% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | OVV |
|---|---|---|
| 2022 | +76.4% | +53.3% |
| 2023 | -21.2% | -10.9% |
| 2024 | -33.4% | -5.2% |
| 2025 | +11.5% | -0.3% |
| 2026 | +77.3% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and OVV good diversifiers for each other?
No. With a correlation of 0.80, APA and OVV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between APA and OVV?
As of 2026-08-27, the correlation of weekly returns between APA and OVV is 0.80 over 3 years, 0.80 over 1 year and 0.81 over 5 years.
Is OVV a good diversifier for APA?
No. With a correlation of 0.80, APA and OVV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: APA correlations · OVV correlations
