FANG vs PEO: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and Adams Natural Resources Fund, Inc. (PEO) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and PEO?
Over the past 3 years, FANG and PEO moved with a correlation of 0.79, which is strong. Little has changed lately, as the 1-year reading of 0.83 lands near the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 544.9 %².
Among the 41 assets we track against FANG, PEO ranks #12 by 3-year correlation. Neither side won the trailing year by much: +39.6% against +41.6%. Risk is not evenly split, since FANG carries 1.7 times the volatility of the other side.
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 PEO: side by side
| FANG (Diamondback Energy) | PEO (Adams Natural Resources Fund, Inc.) | |
|---|---|---|
| 1-year return | +39.6% | +41.6% |
| 5-year return | +224.9% | +179.3% |
| Volatility (ann.) | 34.1% | 20.2% |
| Beta vs S&P 500 | 0.32 | 0.30 |
| Max drawdown (3Y) | -42.1% | -18.9% |
| Market cap | $56.1B | $0.8B |
| P/E (trailing) | 38.0 | 4.8 |
| Dividend yield | 2.13% | 7.09% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | PEO |
|---|---|---|
| 2022 | +35.3% | +41.8% |
| 2023 | +19.7% | +0.9% |
| 2024 | +10.3% | +13.6% |
| 2025 | -5.6% | +10.0% |
| 2026 | +35.7% | +38.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and PEO good diversifiers for each other?
To a limited degree. At 0.79 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 PEO?
The FANG/PEO correlation stands at 0.79 on a 3-year window (1 year: 0.83, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is PEO a good diversifier for FANG?
To a limited degree. At 0.79 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 0.79 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-peo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fang-vs-peo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FANG correlations · PEO correlations
