MTDR vs OVV: Correlation
Matador Resources Company (MTDR) and Ovintiv Inc. (DE) (OVV) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and OVV?
Across a 3-year window, the weekly returns of MTDR and OVV correlate at 0.86, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.72) runs below the 3-year figure (0.86). Stretching to 5 years gives 0.84, with an annualized covariance of 1255.5 %².
In MTDR's tracked universe of 27 assets, OVV sits right near the top at #2. The last year tells two different stories: OVV led by 43.8 percentage points, +17.4% for MTDR against +61.2% for OVV.
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 OVV: side by side
| MTDR (Matador Resources Company) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +17.4% | +61.2% |
| 5-year return | +115.7% | +175.7% |
| Volatility (ann.) | 40.3% | 36.4% |
| Beta vs S&P 500 | 0.49 | 0.43 |
| Max drawdown (3Y) | -46.8% | -42.2% |
| Market cap | $7.0B | $18.0B |
| P/E (trailing) | 9.7 | 18.0 |
| Dividend yield | 2.60% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTDR | OVV |
|---|---|---|
| 2022 | +55.8% | +53.3% |
| 2023 | +0.6% | -10.9% |
| 2024 | +0.4% | -5.2% |
| 2025 | -22.3% | -0.3% |
| 2026 | +36.7% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and OVV good diversifiers for each other?
No: a correlation of 0.86 means MTDR and OVV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTDR and OVV?
As of 2026-08-27, the correlation of weekly returns between MTDR and OVV is 0.86 over 3 years, 0.72 over 1 year and 0.84 over 5 years.
Is OVV a good diversifier for MTDR?
No: a correlation of 0.86 means MTDR and OVV tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 mean?
A reading of 0.86 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtdr-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtdr-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTDR correlations · OVV correlations
