FANG vs TPL: Correlation
Diamondback Energy (FANG) and Texas Pacific Land Corporation (TPL) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and TPL?
Across a 3-year window, the weekly returns of FANG and TPL correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.37) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 768.4 %².
Within FANG's tracked universe of 41 assets, TPL comes in at #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FANG ahead by 16.8 points (+39.6% versus +22.8%). The rolling one-year correlation moved between 0.24 and 0.61 over the past three years, a moderate range.
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 TPL: side by side
| FANG (Diamondback Energy) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +39.6% | +22.8% |
| 5-year return | +224.9% | +149.6% |
| Volatility (ann.) | 34.1% | 50.0% |
| Beta vs S&P 500 | 0.32 | 0.62 |
| Max drawdown (3Y) | -42.1% | -52.2% |
| Market cap | $56.1B | $25.5B |
| P/E (trailing) | 38.0 | 47.2 |
| Dividend yield | 2.13% | 0.61% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | FANG | TPL |
|---|---|---|
| 2022 | +35.3% | +91.3% |
| 2023 | +19.7% | -32.4% |
| 2024 | +10.3% | +115.3% |
| 2025 | -5.6% | -21.6% |
| 2026 | +35.7% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and TPL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FANG and TPL?
As of 2026-08-27, the correlation of weekly returns between FANG and TPL is 0.45 over 3 years, 0.37 over 1 year and 0.48 over 5 years.
Is TPL a good diversifier for FANG?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FANG correlations · TPL correlations
