DVN vs MTDR: Correlation
How closely do Devon Energy (DVN) and Matador Resources Company (MTDR) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and MTDR?
Over the past 3 years, DVN and MTDR moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 1092.3 %².
Within DVN's tracked universe of 42 assets, MTDR comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with DVN ahead by 18.5 points (+35.9% versus +17.4%).
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 MTDR: side by side
| DVN (Devon Energy) | MTDR (Matador Resources Company) | |
|---|---|---|
| 1-year return | +35.9% | +17.4% |
| 5-year return | +102.7% | +115.7% |
| Volatility (ann.) | 34.3% | 40.3% |
| Beta vs S&P 500 | 0.16 | 0.49 |
| Max drawdown (3Y) | -49.2% | -46.8% |
| Market cap | $51.8B | $7.0B |
| P/E (trailing) | 10.2 | 9.7 |
| Dividend yield | 2.22% | 2.60% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | MTDR |
|---|---|---|
| 2022 | +50.9% | +55.8% |
| 2023 | -21.8% | +0.6% |
| 2024 | -25.2% | +0.4% |
| 2025 | +15.0% | -22.3% |
| 2026 | +30.2% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and MTDR good diversifiers for each other?
Only partially. A correlation of 0.79 means DVN and MTDR 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 MTDR?
The DVN/MTDR correlation stands at 0.79 on a 3-year window (1 year: 0.77, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is MTDR a good diversifier for DVN?
Only partially. A correlation of 0.79 means DVN and MTDR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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-mtdr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dvn-vs-mtdr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DVN correlations · MTDR correlations
