BTE vs FANG: Correlation
Baytex Energy Corp (BTE) and Diamondback Energy (FANG) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and FANG?
Over the past 3 years, BTE and FANG moved with a correlation of 0.75, which is strong. The past 12 months show a weaker link (0.62) than the 3-year average (0.75). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 1165.5 %².
By 3-year correlation, FANG places #4 of the 12 assets tracked against BTE. The last year tells two different stories: BTE led by 83.2 percentage points, +122.8% for BTE against +39.6% for FANG.
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.
BTE vs FANG: side by side
| BTE (Baytex Energy Corp) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +122.8% | +39.6% |
| 5-year return | +194.4% | +224.9% |
| Volatility (ann.) | 45.7% | 34.1% |
| Beta vs S&P 500 | 0.38 | 0.32 |
| Max drawdown (3Y) | -66.7% | -42.1% |
| Market cap | $3.4B | $56.1B |
| P/E (trailing) | – | 38.0 |
| Dividend yield | 1.92% | 2.13% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | BTE | FANG |
|---|---|---|
| 2022 | +46.0% | +35.3% |
| 2023 | -25.7% | +19.7% |
| 2024 | -20.6% | +10.3% |
| 2025 | +27.3% | -5.6% |
| 2026 | +50.3% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and FANG good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTE and FANG?
The BTE/FANG correlation stands at 0.75 on a 3-year window (1 year: 0.62, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is FANG a good diversifier for BTE?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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.
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Hubs: BTE correlations · FANG correlations
