DVN vs OXY: Correlation
Devon Energy (DVN) and Occidental Petroleum (OXY) 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 OXY?
Over the past 3 years, DVN and OXY moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 880.6 %².
Among the 42 assets we track against DVN, OXY ranks #5 by 3-year correlation. The trailing year gives DVN the advantage: +35.9% versus +28.9%, a 7.0-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.74 through 0.92.
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 OXY: side by side
| DVN (Devon Energy) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +35.9% | +28.9% |
| 5-year return | +102.7% | +150.8% |
| Volatility (ann.) | 34.3% | 30.6% |
| Beta vs S&P 500 | 0.16 | 0.13 |
| Max drawdown (3Y) | -49.2% | -46.9% |
| Market cap | $51.8B | $59.1B |
| P/E (trailing) | 10.2 | 17.3 |
| Dividend yield | 2.22% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | DVN | OXY |
|---|---|---|
| 2022 | +50.9% | +119.1% |
| 2023 | -21.8% | -4.1% |
| 2024 | -25.2% | -15.9% |
| 2025 | +15.0% | -14.9% |
| 2026 | +30.2% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and OXY 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 OXY?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.78 over the last year and 0.76 over 5 years.
Is OXY 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?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: DVN correlations · OXY correlations
