NOG vs TPL: Correlation
Northern Oil and Gas, Inc. (NOG) and Texas Pacific Land Corporation (TPL) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and TPL?
Over the past 3 years, NOG and TPL moved with a correlation of 0.51, which is moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 1078.2 %².
Within NOG's tracked universe of 26 assets, TPL comes in at #20 by 3-year correlation. The trailing year gives TPL the advantage: +9.2% versus +22.8%, a 13.6-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.
NOG vs TPL: side by side
| NOG (Northern Oil and Gas, Inc.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +9.2% | +22.8% |
| 5-year return | +105.5% | +149.6% |
| Volatility (ann.) | 42.6% | 50.0% |
| Beta vs S&P 500 | 0.55 | 0.62 |
| Max drawdown (3Y) | -55.1% | -52.2% |
| Market cap | $2.8B | $25.5B |
| P/E (trailing) | – | 47.2 |
| Dividend yield | 6.92% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NOG | TPL |
|---|---|---|
| 2022 | +54.5% | +91.3% |
| 2023 | +25.5% | -32.4% |
| 2024 | +4.8% | +115.3% |
| 2025 | -38.2% | -21.6% |
| 2026 | +26.2% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and TPL good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NOG and TPL?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.46 over the last year and 0.53 over 5 years.
Is TPL a good diversifier for NOG?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nog-vs-tpl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nog-vs-tpl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOG correlations · TPL correlations
