CRGY vs MGY: Correlation
Measured on weekly returns over the past three years, Crescent Energy Company (CRGY) and Magnolia Oil & Gas Corporation (MGY) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGY and MGY?
Across a 3-year window, the weekly returns of CRGY and MGY correlate at 0.77, strong. Recent behaviour matches the longer record: 0.79 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 1204.6 %².
Among the 15 assets we track against CRGY, MGY ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CRGY outperformed by 42.5 percentage points (+53.1% for CRGY against +10.6% for MGY). Risk is not evenly split, since CRGY carries 1.5 times the volatility of the other side.
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.
CRGY vs MGY: side by side
| CRGY (Crescent Energy Company) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | +53.1% | +10.6% |
| 5-year return | -0.0% | +92.1% |
| Volatility (ann.) | 48.9% | 32.0% |
| Beta vs S&P 500 | 0.81 | 0.40 |
| Max drawdown (3Y) | -55.9% | -31.5% |
| Market cap | $5.4B | $6.5B |
| P/E (trailing) | 170.6 | 11.5 |
| Dividend yield | 3.59% | 2.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CRGY | MGY |
|---|---|---|
| 2022 | -1.5% | +26.5% |
| 2023 | +15.6% | -7.3% |
| 2024 | +15.2% | +12.2% |
| 2025 | -39.6% | -3.8% |
| 2026 | +67.5% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGY and MGY good diversifiers for each other?
Only partially. A correlation of 0.77 means CRGY and MGY 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 CRGY and MGY?
As of 2026-08-27, the correlation of weekly returns between CRGY and MGY is 0.77 over 3 years, 0.79 over 1 year and 0.76 over 5 years.
Is MGY a good diversifier for CRGY?
Only partially. A correlation of 0.77 means CRGY and MGY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 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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Related comparisons
Hubs: CRGY correlations · MGY correlations
