FANG vs OVV: Correlation
How closely do Diamondback Energy (FANG) and Ovintiv Inc. (DE) (OVV) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and OVV?
Over the past 3 years, FANG and OVV moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 1054.8 %².
Few assets follow FANG as closely as OVV, which ranks #2 of 41 tracked partners. The last year tells two different stories: OVV led by 21.6 percentage points, +39.6% for FANG against +61.2% for OVV.
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 OVV: side by side
| FANG (Diamondback Energy) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +39.6% | +61.2% |
| 5-year return | +224.9% | +175.7% |
| Volatility (ann.) | 34.1% | 36.4% |
| Beta vs S&P 500 | 0.32 | 0.43 |
| Max drawdown (3Y) | -42.1% | -42.2% |
| Market cap | $56.1B | $18.0B |
| P/E (trailing) | 38.0 | 18.0 |
| Dividend yield | 2.13% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | OVV |
|---|---|---|
| 2022 | +35.3% | +53.3% |
| 2023 | +19.7% | -10.9% |
| 2024 | +10.3% | -5.2% |
| 2025 | -5.6% | -0.3% |
| 2026 | +35.7% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and OVV good diversifiers for each other?
No: a correlation of 0.85 means FANG and OVV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FANG and OVV?
As of 2026-08-27, the correlation of weekly returns between FANG and OVV is 0.85 over 3 years, 0.82 over 1 year and 0.84 over 5 years.
Is OVV a good diversifier for FANG?
No: a correlation of 0.85 means FANG and OVV tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 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
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[](https://www.pairbook.io/pair/fang-vs-ovv/)
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Related comparisons
Hubs: FANG correlations · OVV correlations
