NOG vs WTTR: Correlation
How closely do Northern Oil and Gas, Inc. (NOG) and Select Water Solutions, Inc. (WTTR) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOG and WTTR?
Over the past 3 years, NOG and WTTR moved with a correlation of 0.62, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.45 versus 0.62 over 3 years. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 1173.1 %².
By 3-year correlation, WTTR places #18 of the 26 assets tracked against NOG. Correlation aside, the last 12 months split them widely, with WTTR ahead by 131.2 points (+9.2% versus +140.4%).
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 WTTR: side by side
| NOG (Northern Oil and Gas, Inc.) | WTTR (Select Water Solutions, Inc.) | |
|---|---|---|
| 1-year return | +9.2% | +140.4% |
| 5-year return | +105.5% | +303.0% |
| Volatility (ann.) | 42.6% | 44.1% |
| Beta vs S&P 500 | 0.55 | 0.91 |
| Max drawdown (3Y) | -55.1% | -50.7% |
| Market cap | $2.8B | $2.8B |
| P/E (trailing) | – | 69.8 |
| Dividend yield | 6.92% | 1.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOG | WTTR |
|---|---|---|
| 2022 | +54.5% | +49.2% |
| 2023 | +25.5% | -15.6% |
| 2024 | +4.8% | +79.2% |
| 2025 | -38.2% | -18.3% |
| 2026 | +26.2% | +88.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOG and WTTR good diversifiers for each other?
Only partially. A correlation of 0.62 means NOG and WTTR 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 WTTR?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.45 over the last year and 0.67 over 5 years.
Is WTTR a good diversifier for NOG?
Only partially. A correlation of 0.62 means NOG and WTTR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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 · WTTR correlations
