MGY vs PED: Correlation
Measured on weekly returns over the past three years, Magnolia Oil & Gas Corporation (MGY) and Pedevco Corp. (PED) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and PED?
Across a 3-year window, the weekly returns of MGY and PED correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 839.8 %².
Within MGY's tracked universe of 28 assets, PED comes in at #21 by 3-year correlation. Their 12-month results are close: +10.6% for MGY against +13.1% for PED. One caveat on sizing: PED is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PED: side by side
| MGY (Magnolia Oil & Gas Corporation) | PED (Pedevco Corp.) | |
|---|---|---|
| 1-year return | +10.6% | +13.1% |
| 5-year return | +92.1% | -39.7% |
| Volatility (ann.) | 32.0% | 54.0% |
| Beta vs S&P 500 | 0.40 | -0.28 |
| Max drawdown (3Y) | -31.5% | -58.3% |
| Market cap | $6.5B | $0.2B |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 2.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGY | PED |
|---|---|---|
| 2022 | +26.5% | +3.8% |
| 2023 | -7.3% | -30.0% |
| 2024 | +12.2% | +1.0% |
| 2025 | -3.8% | -28.0% |
| 2026 | +24.1% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and PED good diversifiers for each other?
Reasonably. At 0.49, MGY and PED keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MGY and PED?
As of 2026-08-27, the correlation of weekly returns between MGY and PED is 0.49 over 3 years, 0.52 over 1 year and 0.53 over 5 years.
Is PED a good diversifier for MGY?
Reasonably. At 0.49, MGY and PED keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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/mgy-vs-ped.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgy-vs-ped/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGY correlations · PED correlations
