HP vs OVV: Correlation
Helmerich & Payne, Inc. (HP) and Ovintiv Inc. (DE) (OVV) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HP and OVV?
On 3 years of weekly data the HP/OVV correlation comes out at 0.70, strong. The past 12 months show a weaker link (0.58) than the 3-year average (0.70). The 5-year figure is 0.73, and annualized covariance runs at 1126.5 %².
By 3-year correlation, OVV places #5 of the 18 assets tracked against HP. The last year tells two different stories: HP led by 59.6 percentage points, +120.8% for HP against +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.
HP vs OVV: side by side
| HP (Helmerich & Payne, Inc.) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +120.8% | +61.2% |
| 5-year return | +92.0% | +175.7% |
| Volatility (ann.) | 44.3% | 36.4% |
| Beta vs S&P 500 | 0.76 | 0.43 |
| Max drawdown (3Y) | -64.4% | -42.2% |
| Market cap | $4.2B | $18.0B |
| P/E (trailing) | – | 18.0 |
| Dividend yield | 2.42% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HP | OVV |
|---|---|---|
| 2022 | +115.2% | +53.3% |
| 2023 | -23.2% | -10.9% |
| 2024 | -7.8% | -5.2% |
| 2025 | -6.3% | -0.3% |
| 2026 | +50.8% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HP and OVV good diversifiers for each other?
To a limited degree. At 0.70 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 HP and OVV?
The HP/OVV correlation stands at 0.70 on a 3-year window (1 year: 0.58, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for HP?
To a limited degree. At 0.70 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 0.70 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/hp-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hp-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HP correlations · OVV correlations
