FANG vs TRGP: Correlation
Measured on weekly returns over the past three years, Diamondback Energy (FANG) and Targa Resources (TRGP) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and TRGP?
On 3 years of weekly data the FANG/TRGP correlation comes out at 0.73, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 778.8 %².
Within FANG's tracked universe of 41 assets, TRGP comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRGP ahead by 39.1 points (+39.6% versus +78.7%). The rolling one-year correlation moved between 0.53 and 0.86 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 TRGP: side by side
| FANG (Diamondback Energy) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +39.6% | +78.7% |
| 5-year return | +224.9% | +626.8% |
| Volatility (ann.) | 34.1% | 31.5% |
| Beta vs S&P 500 | 0.32 | 0.44 |
| Max drawdown (3Y) | -42.1% | -31.6% |
| Market cap | $56.1B | $62.0B |
| P/E (trailing) | 38.0 | 28.1 |
| Dividend yield | 2.13% | 1.53% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | FANG | TRGP |
|---|---|---|
| 2022 | +35.3% | +43.7% |
| 2023 | +19.7% | +21.0% |
| 2024 | +10.3% | +110.1% |
| 2025 | -5.6% | +5.7% |
| 2026 | +35.7% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and TRGP good diversifiers for each other?
To a limited degree. At 0.73 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 TRGP?
As of 2026-08-27, the correlation of weekly returns between FANG and TRGP is 0.73 over 3 years, 0.69 over 1 year and 0.76 over 5 years.
Is TRGP a good diversifier for FANG?
To a limited degree. At 0.73 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 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fang-vs-trgp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fang-vs-trgp/)
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Related comparisons
Hubs: FANG correlations · TRGP correlations
