FANG vs PR: Correlation
How closely do Diamondback Energy (FANG) and Permian Resources Corporation (PR) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and PR?
On 3 years of weekly data the FANG/PR correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.87 over 3. The 5-year figure is 0.84, and annualized covariance runs at 1046.8 %².
In FANG's tracked universe of 41 assets, PR sits right near the top at #1. Correlation aside, the last 12 months split them widely, with PR ahead by 30.7 points (+39.6% versus +70.3%).
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 PR: side by side
| FANG (Diamondback Energy) | PR (Permian Resources Corporation) | |
|---|---|---|
| 1-year return | +39.6% | +70.3% |
| 5-year return | +224.9% | +430.6% |
| Volatility (ann.) | 34.1% | 35.4% |
| Beta vs S&P 500 | 0.32 | 0.39 |
| Max drawdown (3Y) | -42.1% | -39.9% |
| Market cap | $56.1B | $19.4B |
| P/E (trailing) | 38.0 | 14.7 |
| Dividend yield | 2.13% | 2.73% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | PR |
|---|---|---|
| 2022 | +35.3% | +57.9% |
| 2023 | +19.7% | +49.4% |
| 2024 | +10.3% | +10.7% |
| 2025 | -5.6% | +1.9% |
| 2026 | +35.7% | +68.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and PR good diversifiers for each other?
No: a correlation of 0.87 means FANG and PR tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FANG and PR?
The FANG/PR correlation stands at 0.87 on a 3-year window (1 year: 0.85, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is PR a good diversifier for FANG?
No: a correlation of 0.87 means FANG and PR tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 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-pr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fang-vs-pr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FANG correlations · PR correlations
