NOG vs REI: Correlation
How closely do Northern Oil and Gas, Inc. (NOG) and Ring Energy, Inc. (REI) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and REI?
Over the past 3 years, NOG and REI moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 1566.2 %².
Within NOG's tracked universe of 26 assets, REI comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months REI outperformed by 24.4 percentage points (+9.2% for NOG against +33.6% for REI).
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.
NOG vs REI: side by side
| NOG (Northern Oil and Gas, Inc.) | REI (Ring Energy, Inc.) | |
|---|---|---|
| 1-year return | +9.2% | +33.6% |
| 5-year return | +105.5% | -36.4% |
| Volatility (ann.) | 42.6% | 54.5% |
| Beta vs S&P 500 | 0.55 | 0.37 |
| Max drawdown (3Y) | -55.1% | -65.6% |
| Market cap | $2.8B | $0.4B |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | REI |
|---|---|---|
| 2022 | +54.5% | +7.9% |
| 2023 | +25.5% | -40.7% |
| 2024 | +4.8% | -6.8% |
| 2025 | -38.2% | -36.0% |
| 2026 | +26.2% | +69.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and REI good diversifiers for each other?
Only partially. A correlation of 0.67 means NOG and REI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NOG and REI?
Using weekly returns as of 2026-08-27: 0.67 over 3 years, with 0.65 over the last year and 0.71 over 5 years.
Is REI a good diversifier for NOG?
Only partially. A correlation of 0.67 means NOG and REI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 mean?
On the −1 to +1 scale, 0.67 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
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Related comparisons
Hubs: NOG correlations · REI correlations
