BTE vs OVV: Correlation
How closely do Baytex Energy Corp (BTE) and Ovintiv Inc. (DE) (OVV) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and OVV?
Over the past 3 years, BTE and OVV moved with a correlation of 0.76, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.61 versus 0.76 over 3 years. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1262.8 %².
Few assets follow BTE as closely as OVV, which ranks #3 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with BTE ahead by 61.6 points (+122.8% versus +61.2%).
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 OVV: side by side
| BTE (Baytex Energy Corp) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +122.8% | +61.2% |
| 5-year return | +194.4% | +175.7% |
| Volatility (ann.) | 45.7% | 36.4% |
| Beta vs S&P 500 | 0.38 | 0.43 |
| Max drawdown (3Y) | -66.7% | -42.2% |
| Market cap | $3.4B | $18.0B |
| P/E (trailing) | – | 18.0 |
| Dividend yield | 1.92% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTE | OVV |
|---|---|---|
| 2022 | +46.0% | +53.3% |
| 2023 | -25.7% | -10.9% |
| 2024 | -20.6% | -5.2% |
| 2025 | +27.3% | -0.3% |
| 2026 | +50.3% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and OVV good diversifiers for each other?
To a limited degree. At 0.76 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 BTE and OVV?
As of 2026-08-27, the correlation of weekly returns between BTE and OVV is 0.76 over 3 years, 0.61 over 1 year and 0.74 over 5 years.
Is OVV a good diversifier for BTE?
To a limited degree. At 0.76 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 0.76 mean?
On the −1 to +1 scale, 0.76 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
$ curl https://www.pairbook.io/api/v1/pairs/bte-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bte-vs-ovv/)
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Related comparisons
Hubs: BTE correlations · OVV correlations
