DVN vs MGY: Correlation
Devon Energy (DVN) and Magnolia Oil & Gas Corporation (MGY) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and MGY?
Over the past 3 years, DVN and MGY moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 935.3 %².
MGY is one of the assets that tracks DVN most closely: it ranks #3 out of the 42 assets we track against DVN. The last year tells two different stories: DVN led by 25.3 percentage points, +35.9% for DVN against +10.6% for MGY.
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 MGY: side by side
| DVN (Devon Energy) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | +35.9% | +10.6% |
| 5-year return | +102.7% | +92.1% |
| Volatility (ann.) | 34.3% | 32.0% |
| Beta vs S&P 500 | 0.16 | 0.40 |
| Max drawdown (3Y) | -49.2% | -31.5% |
| Market cap | $51.8B | $6.5B |
| P/E (trailing) | 10.2 | 11.5 |
| Dividend yield | 2.22% | 2.50% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | MGY |
|---|---|---|
| 2022 | +50.9% | +26.5% |
| 2023 | -21.8% | -7.3% |
| 2024 | -25.2% | +12.2% |
| 2025 | +15.0% | -3.8% |
| 2026 | +30.2% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and MGY good diversifiers for each other?
No: a correlation of 0.85 means DVN and MGY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between DVN and MGY?
The DVN/MGY correlation stands at 0.85 on a 3-year window (1 year: 0.85, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is MGY a good diversifier for DVN?
No: a correlation of 0.85 means DVN and MGY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dvn-vs-mgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dvn-vs-mgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DVN correlations · MGY correlations
