DVN vs IMO: Correlation
Devon Energy (DVN) and Imperial Oil Limited (IMO) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and IMO?
Across a 3-year window, the weekly returns of DVN and IMO correlate at 0.74, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.74 over 3. Stretching to 5 years gives 0.75, with an annualized covariance of 728.9 %².
Among the 42 assets we track against DVN, IMO ranks #19 by 3-year correlation. On 12-month performance IMO holds a 14.5-point edge, +35.9% against +50.4%.
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 IMO: side by side
| DVN (Devon Energy) | IMO (Imperial Oil Limited) | |
|---|---|---|
| 1-year return | +35.9% | +50.4% |
| 5-year return | +102.7% | +468.0% |
| Volatility (ann.) | 34.3% | 28.8% |
| Beta vs S&P 500 | 0.16 | 0.24 |
| Max drawdown (3Y) | -49.2% | -22.9% |
| Market cap | $51.8B | – |
| P/E (trailing) | 10.2 | 21.2 |
| Dividend yield | 2.22% | 2.42% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | IMO |
|---|---|---|
| 2022 | +50.9% | +38.0% |
| 2023 | -21.8% | +20.6% |
| 2024 | -25.2% | +10.5% |
| 2025 | +15.0% | +43.8% |
| 2026 | +30.2% | +54.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and IMO good diversifiers for each other?
Only partially. A correlation of 0.74 means DVN and IMO 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 DVN and IMO?
The DVN/IMO correlation stands at 0.74 on a 3-year window (1 year: 0.72, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is IMO a good diversifier for DVN?
Only partially. A correlation of 0.74 means DVN and IMO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 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.
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Related comparisons
Hubs: DVN correlations · IMO correlations
