DVN vs EVEX: Correlation
Devon Energy (DVN) and Eve Holding, Inc. (EVEX) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and EVEX?
Across a 3-year window, the weekly returns of DVN and EVEX correlate at -0.24, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.24). Stretching to 5 years gives -0.11, with an annualized covariance of -509.5 %².
By 3-year correlation, EVEX places #36 of the 42 assets tracked against DVN. Correlation aside, the last 12 months split them widely, with DVN ahead by 76.7 points (+35.9% versus -40.8%). One caveat on sizing: EVEX is 1.8 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.
DVN vs EVEX: side by side
| DVN (Devon Energy) | EVEX (Eve Holding, Inc.) | |
|---|---|---|
| 1-year return | +35.9% | -40.8% |
| 5-year return | +102.7% | -72.4% |
| Volatility (ann.) | 34.3% | 60.7% |
| Beta vs S&P 500 | 0.16 | 1.73 |
| Max drawdown (3Y) | -49.2% | -75.8% |
| Market cap | $51.8B | $0.8B |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 2.22% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | EVEX |
|---|---|---|
| 2022 | +50.9% | – |
| 2023 | -21.8% | +1.7% |
| 2024 | -25.2% | -25.7% |
| 2025 | +15.0% | -26.7% |
| 2026 | +30.2% | -40.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and EVEX good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between DVN and EVEX?
The DVN/EVEX correlation stands at -0.24 on a 3-year window (1 year: -0.47, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is EVEX a good diversifier for DVN?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DVN correlations · EVEX correlations
