EXE vs OVV: Correlation
How closely do Expand Energy (EXE) and Ovintiv Inc. (DE) (OVV) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXE and OVV?
Over the past 3 years, EXE and OVV moved with a correlation of 0.54, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.54 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 552.9 %².
Among the 32 assets we track against EXE, OVV ranks #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months OVV outperformed by 56.0 percentage points (+5.2% for EXE against +61.2% for OVV).
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.
EXE vs OVV: side by side
| EXE (Expand Energy) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +5.2% | +61.2% |
| 5-year return | +125.8% | +175.7% |
| Volatility (ann.) | 28.2% | 36.4% |
| Beta vs S&P 500 | 0.31 | 0.43 |
| Max drawdown (3Y) | -28.4% | -42.2% |
| Market cap | $22.7B | $18.0B |
| P/E (trailing) | 8.3 | 18.0 |
| Dividend yield | 3.30% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | EXE | OVV |
|---|---|---|
| 2022 | +62.3% | +53.3% |
| 2023 | -14.8% | -10.9% |
| 2024 | +33.2% | -5.2% |
| 2025 | +14.4% | -0.3% |
| 2026 | -9.6% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXE and OVV good diversifiers for each other?
To a limited degree. At 0.54 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 EXE and OVV?
As of 2026-08-27, the correlation of weekly returns between EXE and OVV is 0.54 over 3 years, 0.59 over 1 year and 0.65 over 5 years.
Is OVV a good diversifier for EXE?
To a limited degree. At 0.54 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 0.54 mean?
On the −1 to +1 scale, 0.54 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.
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Related comparisons
Hubs: EXE correlations · OVV correlations
