OBE vs WTI: Correlation
How closely do Obsidian Energy Ltd. (OBE) and W&T Offshore, Inc. (WTI) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OBE and WTI?
Across a 3-year window, the weekly returns of OBE and WTI correlate at 0.68, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 2192.6 %².
Within OBE's tracked universe of 18 assets, WTI comes in at #6 by 3-year correlation. Over the last 12 months WTI came out ahead by 11.6 percentage points (+93.3% against +104.9%).
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.
OBE vs WTI: side by side
| OBE (Obsidian Energy Ltd.) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +93.3% | +104.9% |
| 5-year return | +339.0% | +18.8% |
| Volatility (ann.) | 50.2% | 64.6% |
| Beta vs S&P 500 | 0.38 | 0.24 |
| Max drawdown (3Y) | -56.4% | -74.3% |
| Market cap | $0.8B | $0.6B |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 0.00% | 1.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OBE | WTI |
|---|---|---|
| 2022 | +61.2% | +72.8% |
| 2023 | +2.1% | -41.4% |
| 2024 | -14.6% | -48.2% |
| 2025 | +5.9% | +0.6% |
| 2026 | +92.7% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OBE and WTI good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OBE and WTI?
The OBE/WTI correlation stands at 0.68 on a 3-year window (1 year: 0.69, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is WTI a good diversifier for OBE?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 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/obe-vs-wti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/obe-vs-wti/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OBE correlations · WTI correlations
