DVN vs KLXE: Correlation
How closely do Devon Energy (DVN) and KLX Energy Services Holdings, Inc. (KLXE) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and KLXE?
Over the past 3 years, DVN and KLXE moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.41) than the 3-year average (0.56). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1628.9 %².
Within DVN's tracked universe of 42 assets, KLXE comes in at #29 by 3-year correlation. The last year tells two different stories: DVN led by 58.2 percentage points, +35.9% for DVN against -22.3% for KLXE. One caveat on sizing: KLXE is 2.5 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 KLXE: side by side
| DVN (Devon Energy) | KLXE (KLX Energy Services Holdings, Inc.) | |
|---|---|---|
| 1-year return | +35.9% | -22.3% |
| 5-year return | +102.7% | -76.5% |
| Volatility (ann.) | 34.3% | 84.9% |
| Beta vs S&P 500 | 0.16 | 0.89 |
| Max drawdown (3Y) | -49.2% | -88.0% |
| Market cap | $51.8B | – |
| P/E (trailing) | 10.2 | – |
| Dividend yield | 2.22% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | KLXE |
|---|---|---|
| 2022 | +50.9% | +458.4% |
| 2023 | -21.8% | -35.0% |
| 2024 | -25.2% | -55.8% |
| 2025 | +15.0% | -62.0% |
| 2026 | +30.2% | -20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and KLXE good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between DVN and KLXE?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.41 over the last year and 0.55 over 5 years.
Is KLXE a good diversifier for DVN?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-klxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dvn-vs-klxe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DVN correlations · KLXE correlations
