EFXT vs OVV: Correlation
Enerflex Ltd (EFXT) and Ovintiv Inc. (DE) (OVV) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFXT and OVV?
On 3 years of weekly data the EFXT/OVV correlation comes out at 0.47, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.47). The 5-year figure is 0.50, and annualized covariance runs at 772.3 %².
OVV is one of the assets that tracks EFXT most closely: it ranks #3 out of the 10 assets we track against EFXT. Correlation aside, the last 12 months split them widely, with EFXT ahead by 52.5 points (+113.7% 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.
EFXT vs OVV: side by side
| EFXT (Enerflex Ltd) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +113.7% | +61.2% |
| 5-year return | +257.3% | +175.7% |
| Volatility (ann.) | 44.8% | 36.4% |
| Beta vs S&P 500 | 0.65 | 0.43 |
| Max drawdown (3Y) | -38.6% | -42.2% |
| Market cap | $2.5B | $18.0B |
| P/E (trailing) | 45.2 | 18.0 |
| Dividend yield | 0.61% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EFXT | OVV |
|---|---|---|
| 2022 | +5.8% | +53.3% |
| 2023 | -25.1% | -10.9% |
| 2024 | +115.8% | -5.2% |
| 2025 | +56.2% | -0.3% |
| 2026 | +35.3% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFXT and OVV good diversifiers for each other?
Reasonably. At 0.47, EFXT and OVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EFXT and OVV?
The EFXT/OVV correlation stands at 0.47 on a 3-year window (1 year: 0.28, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for EFXT?
Reasonably. At 0.47, EFXT and OVV keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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
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Related comparisons
Hubs: EFXT correlations · OVV correlations
