FANG vs OBE: Correlation
How closely do Diamondback Energy (FANG) and Obsidian Energy Ltd. (OBE) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and OBE?
On 3 years of weekly data the FANG/OBE correlation comes out at 0.71, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. The 5-year figure is 0.72, and annualized covariance runs at 1215.9 %².
By 3-year correlation, OBE places #22 of the 41 assets tracked against FANG. The last year tells two different stories: OBE led by 53.7 percentage points, +39.6% for FANG against +93.3% for OBE.
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 OBE: side by side
| FANG (Diamondback Energy) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +39.6% | +93.3% |
| 5-year return | +224.9% | +339.0% |
| Volatility (ann.) | 34.1% | 50.2% |
| Beta vs S&P 500 | 0.32 | 0.38 |
| Max drawdown (3Y) | -42.1% | -56.4% |
| Market cap | $56.1B | $0.8B |
| P/E (trailing) | 38.0 | 36.9 |
| Dividend yield | 2.13% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | OBE |
|---|---|---|
| 2022 | +35.3% | +61.2% |
| 2023 | +19.7% | +2.1% |
| 2024 | +10.3% | -14.6% |
| 2025 | -5.6% | +5.9% |
| 2026 | +35.7% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and OBE good diversifiers for each other?
To a limited degree. At 0.71 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 FANG and OBE?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.73 over the last year and 0.72 over 5 years.
Is OBE a good diversifier for FANG?
To a limited degree. At 0.71 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 0.71 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-obe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fang-vs-obe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FANG correlations · OBE correlations
