FANG vs GFR: Correlation
Diamondback Energy (FANG) and Greenfire Resources Ltd. (GFR) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and GFR?
Across a 3-year window, the weekly returns of FANG and GFR correlate at 0.47, moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.47). Stretching to 5 years gives 0.33, with an annualized covariance of 855.5 %².
By 3-year correlation, GFR places #26 of the 41 assets tracked against FANG. Their recent paths diverged sharply: over the last 12 months FANG outperformed by 16.6 percentage points (+39.6% for FANG against +23.0% for GFR). Risk is not evenly split, since GFR carries 1.6 times the volatility of the other side.
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.
FANG vs GFR: side by side
| FANG (Diamondback Energy) | GFR (Greenfire Resources Ltd.) | |
|---|---|---|
| 1-year return | +39.6% | +23.0% |
| 5-year return | +224.9% | -37.0% |
| Volatility (ann.) | 34.1% | 53.7% |
| Beta vs S&P 500 | 0.32 | 0.55 |
| Max drawdown (3Y) | -42.1% | -63.5% |
| Market cap | $56.1B | $0.9B |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | GFR |
|---|---|---|
| 2022 | +35.3% | +2.7% |
| 2023 | +19.7% | -52.1% |
| 2024 | +10.3% | +45.3% |
| 2025 | -5.6% | -32.6% |
| 2026 | +35.7% | +29.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and GFR good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FANG and GFR?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.58 over the last year and 0.33 over 5 years.
Is GFR a good diversifier for FANG?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 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/fang-vs-gfr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fang-vs-gfr/)
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Related comparisons
Hubs: FANG correlations · GFR correlations
