MTDR vs TRGP: Correlation
How closely do Matador Resources Company (MTDR) and Targa Resources (TRGP) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTDR and TRGP?
Over the past 3 years, MTDR and TRGP moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.63 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 898.0 %².
Among the 27 assets we track against MTDR, TRGP ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TRGP outperformed by 61.3 percentage points (+17.4% for MTDR against +78.7% for TRGP).
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 TRGP: side by side
| MTDR (Matador Resources Company) | TRGP (Targa Resources) | |
|---|---|---|
| 1-year return | +17.4% | +78.7% |
| 5-year return | +115.7% | +626.8% |
| Volatility (ann.) | 40.3% | 31.5% |
| Beta vs S&P 500 | 0.49 | 0.44 |
| Max drawdown (3Y) | -46.8% | -31.6% |
| Market cap | $7.0B | $62.0B |
| P/E (trailing) | 9.7 | 28.1 |
| Dividend yield | 2.60% | 1.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | MTDR | TRGP |
|---|---|---|
| 2022 | +55.8% | +43.7% |
| 2023 | +0.6% | +21.0% |
| 2024 | +0.4% | +110.1% |
| 2025 | -22.3% | +5.7% |
| 2026 | +36.7% | +58.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTDR and TRGP good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTDR and TRGP?
The MTDR/TRGP correlation stands at 0.71 on a 3-year window (1 year: 0.63, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is TRGP a good diversifier for MTDR?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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: MTDR correlations · TRGP correlations
