BKR vs FANG: Correlation
Measured on weekly returns over the past three years, Baker Hughes (BKR) and Diamondback Energy (FANG) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and FANG?
Over the past 3 years, BKR and FANG moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 613.6 %².
By 3-year correlation, FANG places #18 of the 30 assets tracked against BKR. Neither side won the trailing year by much: +40.9% against +39.6%. On a rolling one-year basis the correlation drifted between 0.43 and 0.77, a moderate band.
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.
BKR vs FANG: side by side
| BKR (Baker Hughes) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +40.9% | +39.6% |
| 5-year return | +205.5% | +224.9% |
| Volatility (ann.) | 32.2% | 34.1% |
| Beta vs S&P 500 | 0.61 | 0.32 |
| Max drawdown (3Y) | -28.0% | -42.1% |
| Market cap | $61.7B | $56.1B |
| P/E (trailing) | 19.9 | 38.0 |
| Dividend yield | 1.48% | 2.13% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | BKR | FANG |
|---|---|---|
| 2022 | +26.0% | +35.3% |
| 2023 | +18.6% | +19.7% |
| 2024 | +23.1% | +10.3% |
| 2025 | +13.4% | -5.6% |
| 2026 | +37.9% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and FANG good diversifiers for each other?
To a limited degree. At 0.56 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 BKR and FANG?
As of 2026-08-27, the correlation of weekly returns between BKR and FANG is 0.56 over 3 years, 0.49 over 1 year and 0.60 over 5 years.
Is FANG a good diversifier for BKR?
To a limited degree. At 0.56 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 0.56 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
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Hubs: BKR correlations · FANG correlations
