DVN vs EOG: Correlation
Measured on weekly returns over the past three years, Devon Energy (DVN) and EOG Resources (EOG) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and EOG?
Over the past 3 years, DVN and EOG moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 816.4 %².
EOG is one of the assets that tracks DVN most closely: it ranks #2 out of the 42 assets we track against DVN. Over the last 12 months DVN came out ahead by 14.2 percentage points (+35.9% against +21.7%). The rolling one-year correlation stayed in a tight band between 0.78 and 0.90 over the past three years, which points to a structural rather than episodic relationship.
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.
DVN vs EOG: side by side
| DVN (Devon Energy) | EOG (EOG Resources) | |
|---|---|---|
| 1-year return | +35.9% | +21.7% |
| 5-year return | +102.7% | +171.5% |
| Volatility (ann.) | 34.3% | 28.1% |
| Beta vs S&P 500 | 0.16 | 0.14 |
| Max drawdown (3Y) | -49.2% | -23.7% |
| Market cap | $51.8B | $75.8B |
| P/E (trailing) | 10.2 | 11.3 |
| Dividend yield | 2.22% | 2.82% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | DVN | EOG |
|---|---|---|
| 2022 | +50.9% | +56.9% |
| 2023 | -21.8% | -2.0% |
| 2024 | -25.2% | +4.3% |
| 2025 | +15.0% | -11.4% |
| 2026 | +30.2% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and EOG good diversifiers for each other?
No. With a correlation of 0.85, DVN and EOG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between DVN and EOG?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.80 over the last year and 0.86 over 5 years.
Is EOG a good diversifier for DVN?
No. With a correlation of 0.85, DVN and EOG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/dvn-vs-eog.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dvn-vs-eog/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DVN correlations · EOG correlations
