OVV vs OXY: Correlation
Measured on weekly returns over the past three years, Ovintiv Inc. (DE) (OVV) and Occidental Petroleum (OXY) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and OXY?
On 3 years of weekly data the OVV/OXY correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.82 over 3. The 5-year figure is 0.72, and annualized covariance runs at 912.6 %².
Within OVV's tracked universe of 44 assets, OXY comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OVV ahead by 32.3 points (+61.2% versus +28.9%).
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.
OVV vs OXY: side by side
| OVV (Ovintiv Inc. (DE)) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +61.2% | +28.9% |
| 5-year return | +175.7% | +150.8% |
| Volatility (ann.) | 36.4% | 30.6% |
| Beta vs S&P 500 | 0.43 | 0.13 |
| Max drawdown (3Y) | -42.2% | -46.9% |
| Market cap | $18.0B | $59.1B |
| P/E (trailing) | 18.0 | 17.3 |
| Dividend yield | 1.86% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | OVV | OXY |
|---|---|---|
| 2022 | +53.3% | +119.1% |
| 2023 | -10.9% | -4.1% |
| 2024 | -5.2% | -15.9% |
| 2025 | -0.3% | -14.9% |
| 2026 | +68.1% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and OXY good diversifiers for each other?
No: a correlation of 0.82 means OVV and OXY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between OVV and OXY?
The OVV/OXY correlation stands at 0.82 on a 3-year window (1 year: 0.83, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is OXY a good diversifier for OVV?
No: a correlation of 0.82 means OVV and OXY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 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/ovv-vs-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ovv-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OVV correlations · OXY correlations
