DJP vs OBE: Correlation
Measured on weekly returns over the past three years, iPath Bloomberg Commodity Index Total Return ETN (DJP) and Obsidian Energy Ltd. (OBE) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DJP and OBE?
Over the past 3 years, DJP and OBE moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 452.6 %².
By 3-year correlation, OBE places #4 of the 42 assets tracked against DJP. The last year tells two different stories: OBE led by 44.1 percentage points, +49.2% for DJP against +93.3% for OBE. Risk is not evenly split, since OBE carries 3.1 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.
DJP vs OBE: side by side
| DJP (iPath Bloomberg Commodity Index Total Return ETN) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +49.2% | +93.3% |
| 5-year return | +82.1% | +339.0% |
| Volatility (ann.) | 16.3% | 50.2% |
| Beta vs S&P 500 | 0.11 | 0.38 |
| Max drawdown (3Y) | -16.4% | -56.4% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 36.9 |
| Dividend yield | – | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DJP | OBE |
|---|---|---|
| 2022 | +17.5% | +61.2% |
| 2023 | -9.8% | +2.1% |
| 2024 | +5.6% | -14.6% |
| 2025 | +17.2% | +5.9% |
| 2026 | +34.7% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DJP and OBE good diversifiers for each other?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DJP and OBE?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.55 over the last year and 0.55 over 5 years.
Is OBE a good diversifier for DJP?
Somewhat, no more. With 0.55 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.55 mean?
A reading of 0.55 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
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Related comparisons
Hubs: DJP correlations · OBE correlations
