OVV vs REI: Correlation
Ovintiv Inc. (DE) (OVV) and Ring Energy, Inc. (REI) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and REI?
Over the past 3 years, OVV and REI moved with a correlation of 0.67, which is strong. Recent behaviour matches the longer record: 0.66 over 1 year against 0.67 over 3. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 1336.3 %².
Among the 44 assets we track against OVV, REI ranks #27 by 3-year correlation. The last year tells two different stories: OVV led by 27.6 percentage points, +61.2% for OVV against +33.6% for REI.
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 REI: side by side
| OVV (Ovintiv Inc. (DE)) | REI (Ring Energy, Inc.) | |
|---|---|---|
| 1-year return | +61.2% | +33.6% |
| 5-year return | +175.7% | -36.4% |
| Volatility (ann.) | 36.4% | 54.5% |
| Beta vs S&P 500 | 0.43 | 0.37 |
| Max drawdown (3Y) | -42.2% | -65.6% |
| Market cap | $18.0B | $0.4B |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVV | REI |
|---|---|---|
| 2022 | +53.3% | +7.9% |
| 2023 | -10.9% | -40.7% |
| 2024 | -5.2% | -6.8% |
| 2025 | -0.3% | -36.0% |
| 2026 | +68.1% | +69.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and REI good diversifiers for each other?
Only partially. A correlation of 0.67 means OVV and REI 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 OVV and REI?
The OVV/REI correlation stands at 0.67 on a 3-year window (1 year: 0.66, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is REI a good diversifier for OVV?
Only partially. A correlation of 0.67 means OVV and REI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 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
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Related comparisons
Hubs: OVV correlations · REI correlations
