DVN vs XOM: Correlation
How closely do Devon Energy (DVN) and ExxonMobil (XOM) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DVN and XOM?
Across a 3-year window, the weekly returns of DVN and XOM correlate at 0.78, strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.78 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 650.9 %².
Within DVN's tracked universe of 42 assets, XOM comes in at #16 by 3-year correlation. The trailing year gives XOM the advantage: +35.9% versus +42.8%, a 6.9-point spread. The rolling one-year correlation stayed in a tight band between 0.66 and 0.84 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 XOM: side by side
| DVN (Devon Energy) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +35.9% | +42.8% |
| 5-year return | +102.7% | +237.9% |
| Volatility (ann.) | 34.3% | 24.3% |
| Beta vs S&P 500 | 0.16 | 0.01 |
| Max drawdown (3Y) | -49.2% | -20.1% |
| Market cap | $51.8B | $643.3B |
| P/E (trailing) | 10.2 | 20.1 |
| Dividend yield | 2.22% | 2.58% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | DVN | XOM |
|---|---|---|
| 2022 | +50.9% | +87.4% |
| 2023 | -21.8% | -6.3% |
| 2024 | -25.2% | +11.3% |
| 2025 | +15.0% | +16.0% |
| 2026 | +30.2% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DVN and XOM good diversifiers for each other?
Only partially. A correlation of 0.78 means DVN and XOM 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 XOM?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.78 over the last year and 0.81 over 5 years.
Is XOM a good diversifier for DVN?
Only partially. A correlation of 0.78 means DVN and XOM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 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-xom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dvn-vs-xom/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: DVN correlations · XOM correlations
