FANG vs VNOM: Correlation
How closely do Diamondback Energy (FANG) and Viper Energy, Inc. (VNOM) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FANG and VNOM?
On 3 years of weekly data the FANG/VNOM correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 844.0 %².
By 3-year correlation, VNOM places #17 of the 41 assets tracked against FANG. Their recent paths diverged sharply: over the last 12 months FANG outperformed by 19.1 percentage points (+39.6% for FANG against +20.5% for VNOM).
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 VNOM: side by side
| FANG (Diamondback Energy) | VNOM (Viper Energy, Inc.) | |
|---|---|---|
| 1-year return | +39.6% | +20.5% |
| 5-year return | +224.9% | +230.6% |
| Volatility (ann.) | 34.1% | 31.8% |
| Beta vs S&P 500 | 0.32 | 0.33 |
| Max drawdown (3Y) | -42.1% | -34.5% |
| Market cap | $56.1B | $23.4B |
| P/E (trailing) | 38.0 | – |
| Dividend yield | 2.13% | 5.54% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | FANG | VNOM |
|---|---|---|
| 2022 | +35.3% | +61.7% |
| 2023 | +19.7% | +4.8% |
| 2024 | +10.3% | +65.5% |
| 2025 | -5.6% | -16.6% |
| 2026 | +35.7% | +20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FANG and VNOM good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FANG and VNOM?
The FANG/VNOM correlation stands at 0.78 on a 3-year window (1 year: 0.79, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is VNOM a good diversifier for FANG?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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-vnom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fang-vs-vnom/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FANG correlations · VNOM correlations
