EPM vs NOG: Correlation
Evolution Petroleum Corporation, Inc. (EPM) and Northern Oil and Gas, Inc. (NOG) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EPM and NOG?
Across a 3-year window, the weekly returns of EPM and NOG correlate at 0.61, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.61). Stretching to 5 years gives 0.66, with an annualized covariance of 887.3 %².
In EPM's tracked universe of 10 assets, NOG sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months NOG outperformed by 31.0 percentage points (-21.8% for EPM against +9.2% for NOG).
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.
EPM vs NOG: side by side
| EPM (Evolution Petroleum Corporation, Inc.) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | -21.8% | +9.2% |
| 5-year return | +28.8% | +105.5% |
| Volatility (ann.) | 34.3% | 42.6% |
| Beta vs S&P 500 | 0.50 | 0.55 |
| Max drawdown (3Y) | -55.2% | -55.1% |
| Market cap | $0.1B | $2.8B |
| P/E (trailing) | – | – |
| Dividend yield | 14.04% | 6.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EPM | NOG |
|---|---|---|
| 2022 | +58.7% | +54.5% |
| 2023 | -17.3% | +25.5% |
| 2024 | -2.0% | +4.8% |
| 2025 | -25.2% | -38.2% |
| 2026 | +6.9% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EPM and NOG good diversifiers for each other?
To a limited degree. At 0.61 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 EPM and NOG?
As of 2026-08-27, the correlation of weekly returns between EPM and NOG is 0.61 over 3 years, 0.49 over 1 year and 0.66 over 5 years.
Is NOG a good diversifier for EPM?
To a limited degree. At 0.61 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 0.61 mean?
On the −1 to +1 scale, 0.61 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/epm-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/epm-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EPM correlations · NOG correlations
