DVN vs OVV: Correlation
Devon Energy (DVN) and Ovintiv Inc. (DE) (OVV) show a very strong relationship: their 3-year correlation of weekly returns is 0.84.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and OVV?
On 3 years of weekly data the DVN/OVV correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 1044.2 %².
Within DVN's tracked universe of 42 assets, OVV comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OVV ahead by 25.3 points (+35.9% versus +61.2%).
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 OVV: side by side
| DVN (Devon Energy) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +35.9% | +61.2% |
| 5-year return | +102.7% | +175.7% |
| Volatility (ann.) | 34.3% | 36.4% |
| Beta vs S&P 500 | 0.16 | 0.43 |
| Max drawdown (3Y) | -49.2% | -42.2% |
| Market cap | $51.8B | $18.0B |
| P/E (trailing) | 10.2 | 18.0 |
| Dividend yield | 2.22% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | DVN | OVV |
|---|---|---|
| 2022 | +50.9% | +53.3% |
| 2023 | -21.8% | -10.9% |
| 2024 | -25.2% | -5.2% |
| 2025 | +15.0% | -0.3% |
| 2026 | +30.2% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and OVV good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between DVN and OVV?
As of 2026-08-27, the correlation of weekly returns between DVN and OVV is 0.84 over 3 years, 0.85 over 1 year and 0.80 over 5 years.
Is OVV a good diversifier for DVN?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dvn-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DVN correlations · OVV correlations
