CVX vs OVV: Correlation
Measured on weekly returns over the past three years, Chevron Corporation (CVX) and Ovintiv Inc. (DE) (OVV) 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 OVV?
Across a 3-year window, the weekly returns of CVX and OVV correlate at 0.72, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 624.5 %².
Among the 29 assets we track against CVX, OVV ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OVV ahead by 30.8 points (+30.4% versus +61.2%). One caveat on sizing: OVV is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 OVV: side by side
| CVX (Chevron Corporation) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +30.4% | +61.2% |
| 5-year return | +148.1% | +175.7% |
| Volatility (ann.) | 23.8% | 36.4% |
| Beta vs S&P 500 | 0.22 | 0.43 |
| Max drawdown (3Y) | -20.8% | -42.2% |
| Market cap | $391.9B | $18.0B |
| P/E (trailing) | 19.3 | 18.0 |
| Dividend yield | 3.49% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | CVX | OVV |
|---|---|---|
| 2022 | +58.5% | +53.3% |
| 2023 | -13.6% | -10.9% |
| 2024 | +1.3% | -5.2% |
| 2025 | +10.1% | -0.3% |
| 2026 | +34.7% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and OVV good diversifiers for each other?
Only partially. A correlation of 0.72 means CVX and OVV 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 CVX and OVV?
As of 2026-08-27, the correlation of weekly returns between CVX and OVV is 0.72 over 3 years, 0.74 over 1 year and 0.73 over 5 years.
Is OVV a good diversifier for CVX?
Only partially. A correlation of 0.72 means CVX and OVV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvx-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvx-vs-ovv/)
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Related comparisons
Hubs: CVX correlations · OVV correlations
