MGY vs SND: Correlation
How closely do Magnolia Oil & Gas Corporation (MGY) and Smart Sand, Inc. (SND) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and SND?
Across a 3-year window, the weekly returns of MGY and SND correlate at 0.52, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.52 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 959.8 %².
Within MGY's tracked universe of 28 assets, SND comes in at #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SND ahead by 158.9 points (+10.6% versus +169.5%). One caveat on sizing: SND is 1.8 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 SND: side by side
| MGY (Magnolia Oil & Gas Corporation) | SND (Smart Sand, Inc.) | |
|---|---|---|
| 1-year return | +10.6% | +169.5% |
| 5-year return | +92.1% | +141.8% |
| Volatility (ann.) | 32.0% | 57.5% |
| Beta vs S&P 500 | 0.40 | 0.34 |
| Max drawdown (3Y) | -31.5% | -33.3% |
| Market cap | $6.5B | $0.2B |
| P/E (trailing) | 11.5 | 19.4 |
| Dividend yield | 2.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MGY | SND |
|---|---|---|
| 2022 | +26.5% | +0.6% |
| 2023 | -7.3% | +7.8% |
| 2024 | +12.2% | +22.1% |
| 2025 | -3.8% | +89.8% |
| 2026 | +24.1% | +31.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and SND good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MGY and SND?
The MGY/SND correlation stands at 0.52 on a 3-year window (1 year: 0.39, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SND a good diversifier for MGY?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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-snd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mgy-vs-snd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MGY correlations · SND correlations
