CVX vs MGY: Correlation
Chevron Corporation (CVX) and Magnolia Oil & Gas Corporation (MGY) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and MGY?
On 3 years of weekly data the CVX/MGY correlation comes out at 0.74, strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 565.6 %².
By 3-year correlation, MGY places #9 of the 29 assets tracked against CVX. The last year tells two different stories: CVX led by 19.8 percentage points, +30.4% for CVX against +10.6% for MGY.
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 MGY: side by side
| CVX (Chevron Corporation) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | +30.4% | +10.6% |
| 5-year return | +148.1% | +92.1% |
| Volatility (ann.) | 23.8% | 32.0% |
| Beta vs S&P 500 | 0.22 | 0.40 |
| Max drawdown (3Y) | -20.8% | -31.5% |
| Market cap | $391.9B | $6.5B |
| P/E (trailing) | 19.3 | 11.5 |
| Dividend yield | 3.49% | 2.50% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | MGY |
|---|---|---|
| 2022 | +58.5% | +26.5% |
| 2023 | -13.6% | -7.3% |
| 2024 | +1.3% | +12.2% |
| 2025 | +10.1% | -3.8% |
| 2026 | +34.7% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and MGY good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVX and MGY?
As of 2026-08-27, the correlation of weekly returns between CVX and MGY is 0.74 over 3 years, 0.71 over 1 year and 0.78 over 5 years.
Is MGY a good diversifier for CVX?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 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/cvx-vs-mgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvx-vs-mgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVX correlations · MGY correlations
