OVV vs PROP: Correlation
How closely do Ovintiv Inc. (DE) (OVV) and Prairie Operating Co. (PROP) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and PROP?
Over the past 3 years, OVV and PROP moved with a correlation of 0.33, which is moderate. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 1230.3 %².
By 3-year correlation, PROP places #39 of the 44 assets tracked against OVV. The last year tells two different stories: OVV led by 139.7 percentage points, +61.2% for OVV against -78.5% for PROP. One caveat on sizing: PROP is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 PROP: side by side
| OVV (Ovintiv Inc. (DE)) | PROP (Prairie Operating Co.) | |
|---|---|---|
| 1-year return | +61.2% | -78.5% |
| 5-year return | +175.7% | -99.1% |
| Volatility (ann.) | 36.4% | 101.6% |
| Beta vs S&P 500 | 0.43 | 1.03 |
| Max drawdown (3Y) | -42.2% | -97.0% |
| Market cap | $18.0B | $0.1B |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVV | PROP |
|---|---|---|
| 2022 | +53.3% | -98.2% |
| 2023 | -10.9% | +498.8% |
| 2024 | -5.2% | -27.2% |
| 2025 | -0.3% | -75.6% |
| 2026 | +68.1% | -68.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and PROP good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OVV and PROP?
The OVV/PROP correlation stands at 0.33 on a 3-year window (1 year: 0.33, 5 years: 0.17), computed from weekly returns as of 2026-08-27.
Is PROP a good diversifier for OVV?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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.
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Related comparisons
Hubs: OVV correlations · PROP correlations
