EOG vs OXY: Correlation
Measured on weekly returns over the past three years, EOG Resources (EOG) and Occidental Petroleum (OXY) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOG and OXY?
On 3 years of weekly data the EOG/OXY correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 689.2 %².
Within EOG's tracked universe of 40 assets, OXY comes in at #10 by 3-year correlation. On 12-month performance OXY holds a 7.2-point edge, +21.7% against +28.9%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 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 OXY: side by side
| EOG (EOG Resources) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +21.7% | +28.9% |
| 5-year return | +171.5% | +150.8% |
| Volatility (ann.) | 28.1% | 30.6% |
| Beta vs S&P 500 | 0.14 | 0.13 |
| Max drawdown (3Y) | -23.7% | -46.9% |
| Market cap | $75.8B | $59.1B |
| P/E (trailing) | 11.3 | 17.3 |
| Dividend yield | 2.82% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | EOG | OXY |
|---|---|---|
| 2022 | +56.9% | +119.1% |
| 2023 | -2.0% | -4.1% |
| 2024 | +4.3% | -15.9% |
| 2025 | -11.4% | -14.9% |
| 2026 | +41.0% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOG and OXY good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EOG and OXY?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.76 over the last year and 0.78 over 5 years.
Is OXY a good diversifier for EOG?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eog-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EOG correlations · OXY correlations
