MGY vs NOG: Correlation
How closely do Magnolia Oil & Gas Corporation (MGY) and Northern Oil and Gas, Inc. (NOG) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and NOG?
On 3 years of weekly data the MGY/NOG correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 1116.6 %².
By 3-year correlation, NOG places #5 of the 28 assets tracked against MGY. Their 12-month results are close: +10.6% for MGY against +9.2% for NOG.
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.
MGY vs NOG: side by side
| MGY (Magnolia Oil & Gas Corporation) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +10.6% | +9.2% |
| 5-year return | +92.1% | +105.5% |
| Volatility (ann.) | 32.0% | 42.6% |
| Beta vs S&P 500 | 0.40 | 0.55 |
| Max drawdown (3Y) | -31.5% | -55.1% |
| Market cap | $6.5B | $2.8B |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 2.50% | 6.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGY | NOG |
|---|---|---|
| 2022 | +26.5% | +54.5% |
| 2023 | -7.3% | +25.5% |
| 2024 | +12.2% | +4.8% |
| 2025 | -3.8% | -38.2% |
| 2026 | +24.1% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and NOG good diversifiers for each other?
No: a correlation of 0.82 means MGY and NOG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MGY and NOG?
The MGY/NOG correlation stands at 0.82 on a 3-year window (1 year: 0.80, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is NOG a good diversifier for MGY?
No: a correlation of 0.82 means MGY and NOG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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/mgy-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgy-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGY correlations · NOG correlations
