HAL vs MGY: Correlation
How closely do Halliburton (HAL) and Magnolia Oil & Gas Corporation (MGY) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and MGY?
On 3 years of weekly data the HAL/MGY correlation comes out at 0.72, strong. Lately the two have drifted apart, with the 1-year correlation at 0.58 versus 0.72 over 3 years. The 5-year figure is 0.77, and annualized covariance runs at 880.4 %².
By 3-year correlation, MGY places #14 of the 44 assets tracked against HAL. The last year tells two different stories: HAL led by 52.2 percentage points, +62.8% for HAL against +10.6% for MGY.
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.
HAL vs MGY: side by side
| HAL (Halliburton) | MGY (Magnolia Oil & Gas Corporation) | |
|---|---|---|
| 1-year return | +62.8% | +10.6% |
| 5-year return | +93.6% | +92.1% |
| Volatility (ann.) | 38.0% | 32.0% |
| Beta vs S&P 500 | 0.55 | 0.40 |
| Max drawdown (3Y) | -54.0% | -31.5% |
| Market cap | $29.6B | $6.5B |
| P/E (trailing) | 18.0 | 11.5 |
| Dividend yield | 1.97% | 2.50% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | HAL | MGY |
|---|---|---|
| 2022 | +74.5% | +26.5% |
| 2023 | -6.5% | -7.3% |
| 2024 | -23.2% | +12.2% |
| 2025 | +7.0% | -3.8% |
| 2026 | +26.7% | +24.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and MGY good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HAL and MGY?
The HAL/MGY correlation stands at 0.72 on a 3-year window (1 year: 0.58, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is MGY a good diversifier for HAL?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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/hal-vs-mgy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hal-vs-mgy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HAL correlations · MGY correlations
