EOG vs FANG: Correlation
How closely do EOG Resources (EOG) and Diamondback Energy (FANG) 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 EOG and FANG?
On 3 years of weekly data the EOG/FANG correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 753.7 %².
Among the 40 assets we track against EOG, FANG ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FANG outperformed by 17.9 percentage points (+21.7% for EOG against +39.6% for FANG). Stability stands out here, with the rolling one-year correlation confined to 0.72 through 0.90.
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.
EOG vs FANG: side by side
| EOG (EOG Resources) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +21.7% | +39.6% |
| 5-year return | +171.5% | +224.9% |
| Volatility (ann.) | 28.1% | 34.1% |
| Beta vs S&P 500 | 0.14 | 0.32 |
| Max drawdown (3Y) | -23.7% | -42.1% |
| Market cap | $75.8B | $56.1B |
| P/E (trailing) | 11.3 | 38.0 |
| Dividend yield | 2.82% | 2.13% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | EOG | FANG |
|---|---|---|
| 2022 | +56.9% | +35.3% |
| 2023 | -2.0% | +19.7% |
| 2024 | +4.3% | +10.3% |
| 2025 | -11.4% | -5.6% |
| 2026 | +41.0% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOG and FANG good diversifiers for each other?
To a limited degree. At 0.78 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 EOG and FANG?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.84 over the last year and 0.86 over 5 years.
Is FANG a good diversifier for EOG?
To a limited degree. At 0.78 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 0.78 mean?
On the −1 to +1 scale, 0.78 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/eog-vs-fang.json
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Related comparisons
Hubs: EOG correlations · FANG correlations
