MGY vs TPL: Correlation
How closely do Magnolia Oil & Gas Corporation (MGY) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and TPL?
On 3 years of weekly data the MGY/TPL correlation comes out at 0.50, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.50). The 5-year figure is 0.53, and annualized covariance runs at 792.3 %².
Within MGY's tracked universe of 28 assets, TPL comes in at #20 by 3-year correlation. The trailing year gives TPL the advantage: +10.6% versus +22.8%, a 12.2-point spread. Risk is not evenly split, since TPL carries 1.6 times the volatility of the other side.
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 TPL: side by side
| MGY (Magnolia Oil & Gas Corporation) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +10.6% | +22.8% |
| 5-year return | +92.1% | +149.6% |
| Volatility (ann.) | 32.0% | 50.0% |
| Beta vs S&P 500 | 0.40 | 0.62 |
| Max drawdown (3Y) | -31.5% | -52.2% |
| Market cap | $6.5B | $25.5B |
| P/E (trailing) | 11.5 | 47.2 |
| Dividend yield | 2.50% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MGY | TPL |
|---|---|---|
| 2022 | +26.5% | +91.3% |
| 2023 | -7.3% | -32.4% |
| 2024 | +12.2% | +115.3% |
| 2025 | -3.8% | -21.6% |
| 2026 | +24.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and TPL good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MGY and TPL?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.34 over the last year and 0.53 over 5 years.
Is TPL a good diversifier for MGY?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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.
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Related comparisons
Hubs: MGY correlations · TPL correlations
