BKR vs NOG: Correlation
Measured on weekly returns over the past three years, Baker Hughes (BKR) and Northern Oil and Gas, Inc. (NOG) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and NOG?
Across a 3-year window, the weekly returns of BKR and NOG correlate at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.51 versus 0.62 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 854.2 %².
By 3-year correlation, NOG places #14 of the 30 assets tracked against BKR. The last year tells two different stories: BKR led by 31.7 percentage points, +40.9% for BKR against +9.2% for NOG.
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 NOG: side by side
| BKR (Baker Hughes) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +40.9% | +9.2% |
| 5-year return | +205.5% | +105.5% |
| Volatility (ann.) | 32.2% | 42.6% |
| Beta vs S&P 500 | 0.61 | 0.55 |
| Max drawdown (3Y) | -28.0% | -55.1% |
| Market cap | $61.7B | $2.8B |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 1.48% | 6.92% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | BKR | NOG |
|---|---|---|
| 2022 | +26.0% | +54.5% |
| 2023 | +18.6% | +25.5% |
| 2024 | +23.1% | +4.8% |
| 2025 | +13.4% | -38.2% |
| 2026 | +37.9% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and NOG good diversifiers for each other?
To a limited degree. At 0.62 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 NOG?
As of 2026-08-27, the correlation of weekly returns between BKR and NOG is 0.62 over 3 years, 0.51 over 1 year and 0.58 over 5 years.
Is NOG a good diversifier for BKR?
To a limited degree. At 0.62 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 0.62 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/bkr-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkr-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKR correlations · NOG correlations
