MGY vs OXY: Correlation
Magnolia Oil & Gas Corporation (MGY) and Occidental Petroleum (OXY) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and OXY?
Over the past 3 years, MGY and OXY moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 758.3 %².
Within MGY's tracked universe of 28 assets, OXY comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OXY ahead by 18.3 points (+10.6% versus +28.9%).
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 OXY: side by side
| MGY (Magnolia Oil & Gas Corporation) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +10.6% | +28.9% |
| 5-year return | +92.1% | +150.8% |
| Volatility (ann.) | 32.0% | 30.6% |
| Beta vs S&P 500 | 0.40 | 0.13 |
| Max drawdown (3Y) | -31.5% | -46.9% |
| Market cap | $6.5B | $59.1B |
| P/E (trailing) | 11.5 | 17.3 |
| Dividend yield | 2.50% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MGY | OXY |
|---|---|---|
| 2022 | +26.5% | +119.1% |
| 2023 | -7.3% | -4.1% |
| 2024 | +12.2% | -15.9% |
| 2025 | -3.8% | -14.9% |
| 2026 | +24.1% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and OXY good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MGY and OXY?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.74 over the last year and 0.72 over 5 years.
Is OXY a good diversifier for MGY?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: MGY correlations · OXY correlations
