FANG vs SURG: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and SurgePays, Inc. (SURG) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and SURG?
On 3 years of weekly data the FANG/SURG correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.45) than the 3-year average (-0.28). The 5-year figure is -0.07, and annualized covariance runs at -900.9 %².
Among the 41 assets we track against FANG, SURG sits near the bottom by co-movement, at rank #41. The last year tells two different stories: FANG led by 132.7 percentage points, +39.6% for FANG against -93.1% for SURG. Note the risk asymmetry: SURG runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SURG: side by side
| FANG (Diamondback Energy) | SURG (SurgePays, Inc.) | |
|---|---|---|
| 1-year return | +39.6% | -93.1% |
| 5-year return | +224.9% | -96.6% |
| Volatility (ann.) | 34.1% | 93.9% |
| Beta vs S&P 500 | 0.32 | 1.13 |
| Max drawdown (3Y) | -42.1% | -98.1% |
| Market cap | $56.1B | – |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | SURG |
|---|---|---|
| 2022 | +35.3% | +224.8% |
| 2023 | +19.7% | -1.7% |
| 2024 | +10.3% | -72.4% |
| 2025 | -5.6% | -6.2% |
| 2026 | +35.7% | -89.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and SURG good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FANG and SURG?
As of 2026-08-27, the correlation of weekly returns between FANG and SURG is -0.28 over 3 years, -0.45 over 1 year and -0.07 over 5 years.
Is SURG a good diversifier for FANG?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 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-surg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fang-vs-surg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FANG correlations · SURG correlations
