FANG vs MTDR: Correlation
How closely do Diamondback Energy (FANG) and Matador Resources Company (MTDR) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and MTDR?
Across a 3-year window, the weekly returns of FANG and MTDR correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Stretching to 5 years gives 0.85, with an annualized covariance of 1136.7 %².
Within FANG's tracked universe of 41 assets, MTDR comes in at #4 by 3-year correlation. The last year tells two different stories: FANG led by 22.2 percentage points, +39.6% for FANG against +17.4% for MTDR.
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 MTDR: side by side
| FANG (Diamondback Energy) | MTDR (Matador Resources Company) | |
|---|---|---|
| 1-year return | +39.6% | +17.4% |
| 5-year return | +224.9% | +115.7% |
| Volatility (ann.) | 34.1% | 40.3% |
| Beta vs S&P 500 | 0.32 | 0.49 |
| Max drawdown (3Y) | -42.1% | -46.8% |
| Market cap | $56.1B | $7.0B |
| P/E (trailing) | 38.0 | 9.7 |
| Dividend yield | 2.13% | 2.60% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | MTDR |
|---|---|---|
| 2022 | +35.3% | +55.8% |
| 2023 | +19.7% | +0.6% |
| 2024 | +10.3% | +0.4% |
| 2025 | -5.6% | -22.3% |
| 2026 | +35.7% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and MTDR good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FANG and MTDR?
The FANG/MTDR correlation stands at 0.83 on a 3-year window (1 year: 0.74, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is MTDR a good diversifier for FANG?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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-mtdr.json
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[](https://www.pairbook.io/pair/fang-vs-mtdr/)
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Related comparisons
Hubs: FANG correlations · MTDR correlations
