EOG vs MGY: Correlation
Measured on weekly returns over the past three years, EOG Resources (EOG) and Magnolia Oil & Gas Corporation (MGY) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOG and MGY?
Over the past 3 years, EOG and MGY moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.79 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 763.3 %².
In EOG's tracked universe of 40 assets, MGY sits right near the top at #3. On 12-month performance EOG holds a 11.1-point edge, +21.7% against +10.6%.
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 MGY: side by side
| EOG (EOG Resources) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | +21.7% | +10.6% |
| 5-year return | +171.5% | +92.1% |
| Volatility (ann.) | 28.1% | 32.0% |
| Beta vs S&P 500 | 0.14 | 0.40 |
| Max drawdown (3Y) | -23.7% | -31.5% |
| Market cap | $75.8B | $6.5B |
| P/E (trailing) | 11.3 | 11.5 |
| Dividend yield | 2.82% | 2.50% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EOG | MGY |
|---|---|---|
| 2022 | +56.9% | +26.5% |
| 2023 | -2.0% | -7.3% |
| 2024 | +4.3% | +12.2% |
| 2025 | -11.4% | -3.8% |
| 2026 | +41.0% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOG and MGY good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EOG and MGY?
The EOG/MGY correlation stands at 0.85 on a 3-year window (1 year: 0.79, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is MGY a good diversifier for EOG?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 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/eog-vs-mgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eog-vs-mgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOG correlations · MGY correlations
