DVN vs FANG: Correlation
Devon Energy (DVN) and Diamondback Energy (FANG) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and FANG?
Across a 3-year window, the weekly returns of DVN and FANG correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Stretching to 5 years gives 0.87, with an annualized covariance of 964.0 %².
Among the 42 assets we track against DVN, FANG ranks #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +35.9% for DVN and +39.6% for FANG. Stability stands out here, with the rolling one-year correlation confined to 0.69 through 0.90.
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 FANG: side by side
| DVN (Devon Energy) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +35.9% | +39.6% |
| 5-year return | +102.7% | +224.9% |
| Volatility (ann.) | 34.3% | 34.1% |
| Beta vs S&P 500 | 0.16 | 0.32 |
| Max drawdown (3Y) | -49.2% | -42.1% |
| Market cap | $51.8B | $56.1B |
| P/E (trailing) | 10.2 | 38.0 |
| Dividend yield | 2.22% | 2.13% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | DVN | FANG |
|---|---|---|
| 2022 | +50.9% | +35.3% |
| 2023 | -21.8% | +19.7% |
| 2024 | -25.2% | +10.3% |
| 2025 | +15.0% | -5.6% |
| 2026 | +30.2% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and FANG good diversifiers for each other?
No. With a correlation of 0.82, DVN and FANG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between DVN and FANG?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.86 over the last year and 0.87 over 5 years.
Is FANG a good diversifier for DVN?
No. With a correlation of 0.82, DVN and FANG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 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/dvn-vs-fang.json
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Related comparisons
Hubs: DVN correlations · FANG correlations
