DVN vs TRGP: Correlation
Measured on weekly returns over the past three years, Devon Energy (DVN) and Targa Resources (TRGP) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and TRGP?
Over the past 3 years, DVN and TRGP moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 760.5 %².
Within DVN's tracked universe of 42 assets, TRGP comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TRGP outperformed by 42.8 percentage points (+35.9% for DVN against +78.7% for TRGP). The rolling one-year correlation stayed in a tight band between 0.59 and 0.82 over the past three years, which points to a structural rather than episodic relationship.
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 TRGP: side by side
| DVN (Devon Energy) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +35.9% | +78.7% |
| 5-year return | +102.7% | +626.8% |
| Volatility (ann.) | 34.3% | 31.5% |
| Beta vs S&P 500 | 0.16 | 0.44 |
| Max drawdown (3Y) | -49.2% | -31.6% |
| Market cap | $51.8B | $62.0B |
| P/E (trailing) | 10.2 | 28.1 |
| Dividend yield | 2.22% | 1.53% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | DVN | TRGP |
|---|---|---|
| 2022 | +50.9% | +43.7% |
| 2023 | -21.8% | +21.0% |
| 2024 | -25.2% | +110.1% |
| 2025 | +15.0% | +5.7% |
| 2026 | +30.2% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and TRGP good diversifiers for each other?
To a limited degree. At 0.71 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 TRGP?
The DVN/TRGP correlation stands at 0.71 on a 3-year window (1 year: 0.77, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is TRGP a good diversifier for DVN?
To a limited degree. At 0.71 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 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dvn-vs-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dvn-vs-trgp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DVN correlations · TRGP correlations
