MGY vs PNRG: Correlation
Measured on weekly returns over the past three years, Magnolia Oil & Gas Corporation (MGY) and PrimeEnergy Resources Corporation (PNRG) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and PNRG?
Over the past 3 years, MGY and PNRG moved with a correlation of 0.43, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 761.1 %².
Among the 28 assets we track against MGY, PNRG ranks #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PNRG ahead by 26.6 points (+10.6% versus +37.2%). Note the risk asymmetry: PNRG runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PNRG: side by side
| MGY (Magnolia Oil & Gas Corporation) | PNRG (PrimeEnergy Resources Corporation) | |
|---|---|---|
| 1-year return | +10.6% | +37.2% |
| 5-year return | +92.1% | +312.9% |
| Volatility (ann.) | 32.0% | 54.8% |
| Beta vs S&P 500 | 0.40 | 0.69 |
| Max drawdown (3Y) | -31.5% | -44.6% |
| Market cap | $6.5B | $0.3B |
| P/E (trailing) | 11.5 | 20.2 |
| Dividend yield | 2.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGY | PNRG |
|---|---|---|
| 2022 | +26.5% | +23.9% |
| 2023 | -7.3% | +22.4% |
| 2024 | +12.2% | +106.5% |
| 2025 | -3.8% | -22.1% |
| 2026 | +24.1% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and PNRG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MGY and PNRG?
The MGY/PNRG correlation stands at 0.43 on a 3-year window (1 year: 0.52, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is PNRG a good diversifier for MGY?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mgy-vs-pnrg.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mgy-vs-pnrg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MGY correlations · PNRG correlations
