BGR vs OXY: Correlation
Measured on weekly returns over the past three years, BlackRock Energy and Resources Trust (BGR) and Occidental Petroleum (OXY) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BGR and OXY?
Across a 3-year window, the weekly returns of BGR and OXY correlate at 0.77, strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.70, with an annualized covariance of 464.0 %².
Among the 19 assets we track against BGR, OXY ranks #7 by 3-year correlation. Over the last 12 months BGR came out ahead by 6.4 percentage points (+35.3% against +28.9%). Note the risk asymmetry: OXY runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BGR vs OXY: side by side
| BGR (BlackRock Energy and Resources Trust) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +35.3% | +28.9% |
| 5-year return | +165.0% | +150.8% |
| Volatility (ann.) | 19.7% | 30.6% |
| Beta vs S&P 500 | 0.21 | 0.13 |
| Max drawdown (3Y) | -18.3% | -46.9% |
| Market cap | $0.4B | $59.1B |
| P/E (trailing) | 10.8 | 17.3 |
| Dividend yield | 6.86% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | BGR | OXY |
|---|---|---|
| 2022 | +38.9% | +119.1% |
| 2023 | +5.8% | -4.1% |
| 2024 | +8.1% | -15.9% |
| 2025 | +17.3% | -14.9% |
| 2026 | +30.7% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BGR and OXY good diversifiers for each other?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BGR and OXY?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.74 over the last year and 0.70 over 5 years.
Is OXY a good diversifier for BGR?
To a limited degree. At 0.77 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: BGR correlations · OXY correlations
