GRNT vs NOG: Correlation
Granite Ridge Resources, Inc. (GRNT) and Northern Oil and Gas, Inc. (NOG) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GRNT and NOG?
On 3 years of weekly data the GRNT/NOG correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. The 5-year figure is 0.45, and annualized covariance runs at 1159.7 %².
NOG is one of the assets that tracks GRNT most closely: it ranks #2 out of the 11 assets we track against GRNT. The trailing year gives NOG the advantage: -0.4% versus +9.2%, a 9.6-point spread.
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.
GRNT vs NOG: side by side
| GRNT (Granite Ridge Resources, Inc.) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | -0.4% | +9.2% |
| 5-year return | -31.9% | +105.5% |
| Volatility (ann.) | 39.2% | 42.6% |
| Beta vs S&P 500 | 0.55 | 0.55 |
| Max drawdown (3Y) | -36.8% | -55.1% |
| Market cap | $0.7B | $2.8B |
| P/E (trailing) | – | – |
| Dividend yield | 8.80% | 6.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GRNT | NOG |
|---|---|---|
| 2022 | -7.1% | +54.5% |
| 2023 | -28.5% | +25.5% |
| 2024 | +14.9% | +4.8% |
| 2025 | -21.3% | -38.2% |
| 2026 | +12.1% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GRNT and NOG good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GRNT and NOG?
The GRNT/NOG correlation stands at 0.69 on a 3-year window (1 year: 0.74, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is NOG a good diversifier for GRNT?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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
$ curl https://www.pairbook.io/api/v1/pairs/grnt-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/grnt-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GRNT correlations · NOG correlations
