CVX vs DVN: Correlation
Measured on weekly returns over the past three years, Chevron Corporation (CVX) and Devon Energy (DVN) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and DVN?
Over the past 3 years, CVX and DVN moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 585.6 %².
By 3-year correlation, DVN places #10 of the 29 assets tracked against CVX. The trailing year gives DVN the advantage: +30.4% versus +35.9%, a 5.5-point spread. Across three years, the rolling one-year figure varied moderately, from 0.54 to 0.85.
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.
CVX vs DVN: side by side
| CVX (Chevron Corporation) | DVN (Devon Energy) | |
|---|---|---|
| 1-year return | +30.4% | +35.9% |
| 5-year return | +148.1% | +102.7% |
| Volatility (ann.) | 23.8% | 34.3% |
| Beta vs S&P 500 | 0.22 | 0.16 |
| Max drawdown (3Y) | -20.8% | -49.2% |
| Market cap | $391.9B | $51.8B |
| P/E (trailing) | 19.3 | 10.2 |
| Dividend yield | 3.49% | 2.22% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | CVX | DVN |
|---|---|---|
| 2022 | +58.5% | +50.9% |
| 2023 | -13.6% | -21.8% |
| 2024 | +1.3% | -25.2% |
| 2025 | +10.1% | +15.0% |
| 2026 | +34.7% | +30.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and DVN good diversifiers for each other?
To a limited degree. At 0.72 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 CVX and DVN?
The CVX/DVN correlation stands at 0.72 on a 3-year window (1 year: 0.71, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is DVN a good diversifier for CVX?
To a limited degree. At 0.72 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 0.72 mean?
On the −1 to +1 scale, 0.72 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/cvx-vs-dvn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvx-vs-dvn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVX correlations · DVN correlations
