NOG vs SM: Correlation
How closely do Northern Oil and Gas, Inc. (NOG) and SM Energy Company (SM) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and SM?
Across a 3-year window, the weekly returns of NOG and SM correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. Stretching to 5 years gives 0.84, with an annualized covariance of 1668.5 %².
Among the 26 assets we track against NOG, SM ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SM outperformed by 26.9 percentage points (+9.2% for NOG against +36.1% for SM).
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 SM: side by side
| NOG (Northern Oil and Gas, Inc.) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +9.2% | +36.1% |
| 5-year return | +105.5% | +114.6% |
| Volatility (ann.) | 42.6% | 47.6% |
| Beta vs S&P 500 | 0.55 | 0.44 |
| Max drawdown (3Y) | -55.1% | -64.9% |
| Market cap | $2.8B | $8.8B |
| P/E (trailing) | – | 6.3 |
| Dividend yield | 6.92% | 2.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | SM |
|---|---|---|
| 2022 | +54.5% | +18.6% |
| 2023 | +25.5% | +13.1% |
| 2024 | +4.8% | +1.8% |
| 2025 | -38.2% | -49.7% |
| 2026 | +26.2% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and SM good diversifiers for each other?
No. With a correlation of 0.82, NOG and SM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between NOG and SM?
As of 2026-08-27, the correlation of weekly returns between NOG and SM is 0.82 over 3 years, 0.77 over 1 year and 0.84 over 5 years.
Is SM a good diversifier for NOG?
No. With a correlation of 0.82, NOG and SM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NOG correlations · SM correlations
