CHRD vs FANG: Correlation
Measured on weekly returns over the past three years, Chord Energy Corporation (CHRD) and Diamondback Energy (FANG) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRD and FANG?
Across a 3-year window, the weekly returns of CHRD and FANG correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 1016.4 %².
Among the 38 assets we track against CHRD, FANG ranks #5 by 3-year correlation. Their 12-month results are close: +40.6% for CHRD 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.
CHRD vs FANG: side by side
| CHRD (Chord Energy Corporation) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +40.6% | +39.6% |
| 5-year return | +164.0% | +224.9% |
| Volatility (ann.) | 35.4% | 34.1% |
| Beta vs S&P 500 | 0.34 | 0.32 |
| Max drawdown (3Y) | -53.9% | -42.1% |
| Market cap | $8.0B | $56.1B |
| P/E (trailing) | 9.5 | 38.0 |
| Dividend yield | 3.71% | 2.13% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CHRD | FANG |
|---|---|---|
| 2022 | +34.1% | +35.3% |
| 2023 | +31.7% | +19.7% |
| 2024 | -25.0% | +10.3% |
| 2025 | -16.4% | -5.6% |
| 2026 | +62.0% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRD and FANG good diversifiers for each other?
No: a correlation of 0.84 means CHRD and FANG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CHRD and FANG?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.86 over the last year and 0.80 over 5 years.
Is FANG a good diversifier for CHRD?
No: a correlation of 0.84 means CHRD and FANG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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.
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Related comparisons
Hubs: CHRD correlations · FANG correlations
