OII vs TPL: Correlation
Oceaneering International, Inc. (OII) and Texas Pacific Land Corporation (TPL) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OII and TPL?
Across a 3-year window, the weekly returns of OII and TPL correlate at 0.48, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.48 over 3 years. Stretching to 5 years gives 0.47, with an annualized covariance of 1035.2 %².
By 3-year correlation, TPL places #11 of the 16 assets tracked against OII. Their recent paths diverged sharply: over the last 12 months OII outperformed by 87.1 percentage points (+109.9% for OII against +22.8% for TPL).
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.
OII vs TPL: side by side
| OII (Oceaneering International, Inc.) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +109.9% | +22.8% |
| 5-year return | +316.7% | +149.6% |
| Volatility (ann.) | 43.5% | 50.0% |
| Beta vs S&P 500 | 0.81 | 0.62 |
| Max drawdown (3Y) | -47.8% | -52.2% |
| Market cap | $5.1B | $25.5B |
| P/E (trailing) | 14.8 | 47.2 |
| Dividend yield | 0.00% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | OII | TPL |
|---|---|---|
| 2022 | +54.6% | +91.3% |
| 2023 | +21.7% | -32.4% |
| 2024 | +22.6% | +115.3% |
| 2025 | -7.9% | -21.6% |
| 2026 | +113.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OII and TPL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between OII and TPL?
As of 2026-08-27, the correlation of weekly returns between OII and TPL is 0.48 over 3 years, 0.34 over 1 year and 0.47 over 5 years.
Is TPL a good diversifier for OII?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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/oii-vs-tpl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/oii-vs-tpl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OII correlations · TPL correlations
