MUR vs OVV: Correlation
How closely do Murphy Oil Corporation (MUR) and Ovintiv Inc. (DE) (OVV) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUR and OVV?
On 3 years of weekly data the MUR/OVV correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.68) than the 3-year average (0.80). The 5-year figure is 0.84, and annualized covariance runs at 1151.8 %².
In MUR's tracked universe of 16 assets, OVV sits right near the top at #2. The trailing year gives OVV the advantage: +51.7% versus +61.2%, a 9.5-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.
MUR vs OVV: side by side
| MUR (Murphy Oil Corporation) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +51.7% | +61.2% |
| 5-year return | +96.7% | +175.7% |
| Volatility (ann.) | 39.7% | 36.4% |
| Beta vs S&P 500 | 0.16 | 0.43 |
| Max drawdown (3Y) | -58.5% | -42.2% |
| Market cap | $5.2B | $18.0B |
| P/E (trailing) | 17.2 | 18.0 |
| Dividend yield | 3.89% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUR | OVV |
|---|---|---|
| 2022 | +68.5% | +53.3% |
| 2023 | +2.0% | -10.9% |
| 2024 | -26.8% | -5.2% |
| 2025 | +8.7% | -0.3% |
| 2026 | +18.5% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUR and OVV good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between MUR and OVV?
As of 2026-08-27, the correlation of weekly returns between MUR and OVV is 0.80 over 3 years, 0.68 over 1 year and 0.84 over 5 years.
Is OVV a good diversifier for MUR?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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/mur-vs-ovv.json
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Related comparisons
Hubs: MUR correlations · OVV correlations
