FANG vs OXY: Correlation
Diamondback Energy (FANG) and Occidental Petroleum (OXY) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and OXY?
Over the past 3 years, FANG and OXY moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 824.8 %².
Among the 41 assets we track against FANG, OXY ranks #11 by 3-year correlation. The trailing year gives FANG the advantage: +39.6% versus +28.9%, a 10.7-point spread. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.89.
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 OXY: side by side
| FANG (Diamondback Energy) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +39.6% | +28.9% |
| 5-year return | +224.9% | +150.8% |
| Volatility (ann.) | 34.1% | 30.6% |
| Beta vs S&P 500 | 0.32 | 0.13 |
| Max drawdown (3Y) | -42.1% | -46.9% |
| Market cap | $56.1B | $59.1B |
| P/E (trailing) | 38.0 | 17.3 |
| Dividend yield | 2.13% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | FANG | OXY |
|---|---|---|
| 2022 | +35.3% | +119.1% |
| 2023 | +19.7% | -4.1% |
| 2024 | +10.3% | -15.9% |
| 2025 | -5.6% | -14.9% |
| 2026 | +35.7% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and OXY good diversifiers for each other?
Only partially. A correlation of 0.79 means FANG and OXY 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 OXY?
As of 2026-08-27, the correlation of weekly returns between FANG and OXY is 0.79 over 3 years, 0.81 over 1 year and 0.72 over 5 years.
Is OXY a good diversifier for FANG?
Only partially. A correlation of 0.79 means FANG and OXY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FANG correlations · OXY correlations
