MTDR vs SM: Correlation
Matador Resources Company (MTDR) and SM Energy Company (SM) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and SM?
Over the past 3 years, MTDR and SM moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Over 5 years the correlation is 0.86, and the annualized covariance of weekly returns is 1625.3 %².
By 3-year correlation, SM places #4 of the 27 assets tracked against MTDR. Correlation aside, the last 12 months split them widely, with SM ahead by 18.7 points (+17.4% versus +36.1%).
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 SM: side by side
| MTDR (Matador Resources Company) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +17.4% | +36.1% |
| 5-year return | +115.7% | +114.6% |
| Volatility (ann.) | 40.3% | 47.6% |
| Beta vs S&P 500 | 0.49 | 0.44 |
| Max drawdown (3Y) | -46.8% | -64.9% |
| Market cap | $7.0B | $8.8B |
| P/E (trailing) | 9.7 | 6.3 |
| Dividend yield | 2.60% | 2.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTDR | SM |
|---|---|---|
| 2022 | +55.8% | +18.6% |
| 2023 | +0.6% | +13.1% |
| 2024 | +0.4% | +1.8% |
| 2025 | -22.3% | -49.7% |
| 2026 | +36.7% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and SM good diversifiers for each other?
No: a correlation of 0.85 means MTDR and SM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between MTDR and SM?
The MTDR/SM correlation stands at 0.85 on a 3-year window (1 year: 0.78, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is SM a good diversifier for MTDR?
No: a correlation of 0.85 means MTDR and SM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 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-sm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtdr-vs-sm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MTDR correlations · SM correlations
