MTDR vs NOG: Correlation
How closely do Matador Resources Company (MTDR) and Northern Oil and Gas, Inc. (NOG) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and NOG?
On 3 years of weekly data the MTDR/NOG correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.86, and annualized covariance runs at 1452.8 %².
Few assets follow MTDR as closely as NOG, which ranks #3 of 27 tracked partners. The trailing year gives MTDR the advantage: +17.4% versus +9.2%, a 8.2-point spread.
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.
MTDR vs NOG: side by side
| MTDR (Matador Resources Company) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +17.4% | +9.2% |
| 5-year return | +115.7% | +105.5% |
| Volatility (ann.) | 40.3% | 42.6% |
| Beta vs S&P 500 | 0.49 | 0.55 |
| Max drawdown (3Y) | -46.8% | -55.1% |
| Market cap | $7.0B | $2.8B |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 2.60% | 6.92% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTDR | NOG |
|---|---|---|
| 2022 | +55.8% | +54.5% |
| 2023 | +0.6% | +25.5% |
| 2024 | +0.4% | +4.8% |
| 2025 | -22.3% | -38.2% |
| 2026 | +36.7% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and NOG good diversifiers for each other?
No. With a correlation of 0.85, MTDR and NOG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between MTDR and NOG?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.82 over the last year and 0.86 over 5 years.
Is NOG a good diversifier for MTDR?
No. With a correlation of 0.85, MTDR and NOG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/mtdr-vs-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtdr-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTDR correlations · NOG correlations
