BTE vs OBE: Correlation
Measured on weekly returns over the past three years, Baytex Energy Corp (BTE) and Obsidian Energy Ltd. (OBE) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and OBE?
On 3 years of weekly data the BTE/OBE correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.74, and annualized covariance runs at 1677.5 %².
Within BTE's tracked universe of 12 assets, OBE comes in at #6 by 3-year correlation. The last year tells two different stories: BTE led by 29.5 percentage points, +122.8% for BTE against +93.3% for OBE.
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 OBE: side by side
| BTE (Baytex Energy Corp) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +122.8% | +93.3% |
| 5-year return | +194.4% | +339.0% |
| Volatility (ann.) | 45.7% | 50.2% |
| Beta vs S&P 500 | 0.38 | 0.38 |
| Max drawdown (3Y) | -66.7% | -56.4% |
| Market cap | $3.4B | $0.8B |
| P/E (trailing) | – | 36.9 |
| Dividend yield | 1.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTE | OBE |
|---|---|---|
| 2022 | +46.0% | +61.2% |
| 2023 | -25.7% | +2.1% |
| 2024 | -20.6% | -14.6% |
| 2025 | +27.3% | +5.9% |
| 2026 | +50.3% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and OBE good diversifiers for each other?
Only partially. A correlation of 0.73 means BTE and OBE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BTE and OBE?
The BTE/OBE correlation stands at 0.73 on a 3-year window (1 year: 0.63, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is OBE a good diversifier for BTE?
Only partially. A correlation of 0.73 means BTE and OBE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 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/bte-vs-obe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bte-vs-obe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTE correlations · OBE correlations
