FANG vs KOS: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and Kosmos Energy Ltd. (KOS) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and KOS?
On 3 years of weekly data the FANG/KOS correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 1574.8 %².
Among the 41 assets we track against FANG, KOS ranks #23 by 3-year correlation. The last year tells two different stories: KOS led by 17.2 percentage points, +39.6% for FANG against +56.8% for KOS. Risk is not evenly split, since KOS carries 2.0 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 KOS: side by side
| FANG (Diamondback Energy) | KOS (Kosmos Energy Ltd.) | |
|---|---|---|
| 1-year return | +39.6% | +56.8% |
| 5-year return | +224.9% | +24.8% |
| Volatility (ann.) | 34.1% | 67.5% |
| Beta vs S&P 500 | 0.32 | 0.59 |
| Max drawdown (3Y) | -42.1% | -89.4% |
| Market cap | $56.1B | $1.7B |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | KOS |
|---|---|---|
| 2022 | +35.3% | +83.8% |
| 2023 | +19.7% | +5.5% |
| 2024 | +10.3% | -49.0% |
| 2025 | -5.6% | -73.4% |
| 2026 | +35.7% | +215.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and KOS good diversifiers for each other?
Only partially. A correlation of 0.68 means FANG and KOS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FANG and KOS?
As of 2026-08-27, the correlation of weekly returns between FANG and KOS is 0.68 over 3 years, 0.65 over 1 year and 0.71 over 5 years.
Is KOS a good diversifier for FANG?
Only partially. A correlation of 0.68 means FANG and KOS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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/fang-vs-kos.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fang-vs-kos/)
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Related comparisons
Hubs: FANG correlations · KOS correlations
