HAL vs OVV: Correlation
Measured on weekly returns over the past three years, Halliburton (HAL) and Ovintiv Inc. (DE) (OVV) 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 HAL and OVV?
Across a 3-year window, the weekly returns of HAL and OVV correlate at 0.73, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.73). Stretching to 5 years gives 0.74, with an annualized covariance of 1002.9 %².
Among the 44 assets we track against HAL, OVV ranks #12 by 3-year correlation. Twelve-month performance is nearly a tie, at +62.8% for HAL and +61.2% for OVV.
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 OVV: side by side
| HAL (Halliburton) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +62.8% | +61.2% |
| 5-year return | +93.6% | +175.7% |
| Volatility (ann.) | 38.0% | 36.4% |
| Beta vs S&P 500 | 0.55 | 0.43 |
| Max drawdown (3Y) | -54.0% | -42.2% |
| Market cap | $29.6B | $18.0B |
| P/E (trailing) | 18.0 | 18.0 |
| Dividend yield | 1.97% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | HAL | OVV |
|---|---|---|
| 2022 | +74.5% | +53.3% |
| 2023 | -6.5% | -10.9% |
| 2024 | -23.2% | -5.2% |
| 2025 | +7.0% | -0.3% |
| 2026 | +26.7% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and OVV 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 HAL and OVV?
The HAL/OVV correlation stands at 0.73 on a 3-year window (1 year: 0.55, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for HAL?
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?
A reading of 0.73 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/hal-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hal-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HAL correlations · OVV correlations
