NOG vs VNOM: Correlation
Measured on weekly returns over the past three years, Northern Oil and Gas, Inc. (NOG) and Viper Energy, Inc. (VNOM) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and VNOM?
Over the past 3 years, NOG and VNOM moved with a correlation of 0.71, which is strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 956.2 %².
Among the 26 assets we track against NOG, VNOM ranks #11 by 3-year correlation. The trailing year gives VNOM the advantage: +9.2% versus +20.5%, a 11.3-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 VNOM: side by side
| NOG (Northern Oil and Gas, Inc.) | VNOM (Viper Energy, Inc.) | |
|---|---|---|
| 1-year return | +9.2% | +20.5% |
| 5-year return | +105.5% | +230.6% |
| Volatility (ann.) | 42.6% | 31.8% |
| Beta vs S&P 500 | 0.55 | 0.33 |
| Max drawdown (3Y) | -55.1% | -34.5% |
| Market cap | $2.8B | $23.4B |
| P/E (trailing) | – | – |
| Dividend yield | 6.92% | 5.54% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | VNOM |
|---|---|---|
| 2022 | +54.5% | +61.7% |
| 2023 | +25.5% | +4.8% |
| 2024 | +4.8% | +65.5% |
| 2025 | -38.2% | -16.6% |
| 2026 | +26.2% | +20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and VNOM 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 NOG and VNOM?
As of 2026-08-27, the correlation of weekly returns between NOG and VNOM is 0.71 over 3 years, 0.71 over 1 year and 0.73 over 5 years.
Is VNOM a good diversifier for NOG?
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?
A reading of 0.71 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nog-vs-vnom.json
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[](https://www.pairbook.io/pair/nog-vs-vnom/)
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Related comparisons
Hubs: NOG correlations · VNOM correlations
