MGY vs XOM: Correlation
Measured on weekly returns over the past three years, Magnolia Oil & Gas Corporation (MGY) and ExxonMobil (XOM) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MGY and XOM?
Over the past 3 years, MGY and XOM moved with a correlation of 0.75, which is strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 586.9 %².
By 3-year correlation, XOM places #11 of the 28 assets tracked against MGY. Correlation aside, the last 12 months split them widely, with XOM ahead by 32.2 points (+10.6% versus +42.8%).
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 XOM: side by side
| MGY (Magnolia Oil & Gas Corporation) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +10.6% | +42.8% |
| 5-year return | +92.1% | +237.9% |
| Volatility (ann.) | 32.0% | 24.3% |
| Beta vs S&P 500 | 0.40 | 0.01 |
| Max drawdown (3Y) | -31.5% | -20.1% |
| Market cap | $6.5B | $643.3B |
| P/E (trailing) | 11.5 | 20.1 |
| Dividend yield | 2.50% | 2.58% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MGY | XOM |
|---|---|---|
| 2022 | +26.5% | +87.4% |
| 2023 | -7.3% | -6.3% |
| 2024 | +12.2% | +11.3% |
| 2025 | -3.8% | +16.0% |
| 2026 | +24.1% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MGY and XOM good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MGY and XOM?
As of 2026-08-27, the correlation of weekly returns between MGY and XOM is 0.75 over 3 years, 0.71 over 1 year and 0.77 over 5 years.
Is XOM a good diversifier for MGY?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 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-xom.json
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MGY correlations · XOM correlations
