FANG vs NOG: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and Northern Oil and Gas, Inc. (NOG) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and NOG?
On 3 years of weekly data the FANG/NOG correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 1135.9 %².
By 3-year correlation, NOG places #16 of the 41 assets tracked against FANG. The last year tells two different stories: FANG led by 30.4 percentage points, +39.6% for FANG 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.
FANG vs NOG: side by side
| FANG (Diamondback Energy) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +39.6% | +9.2% |
| 5-year return | +224.9% | +105.5% |
| Volatility (ann.) | 34.1% | 42.6% |
| Beta vs S&P 500 | 0.32 | 0.55 |
| Max drawdown (3Y) | -42.1% | -55.1% |
| Market cap | $56.1B | $2.8B |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 6.92% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | NOG |
|---|---|---|
| 2022 | +35.3% | +54.5% |
| 2023 | +19.7% | +25.5% |
| 2024 | +10.3% | +4.8% |
| 2025 | -5.6% | -38.2% |
| 2026 | +35.7% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and NOG good diversifiers for each other?
Only partially. A correlation of 0.78 means FANG and NOG 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 NOG?
The FANG/NOG correlation stands at 0.78 on a 3-year window (1 year: 0.78, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is NOG a good diversifier for FANG?
Only partially. A correlation of 0.78 means FANG and NOG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fang-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fang-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FANG correlations · NOG correlations
