OVV vs SM: Correlation
Measured on weekly returns over the past three years, Ovintiv Inc. (DE) (OVV) and SM Energy Company (SM) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and SM?
On 3 years of weekly data the OVV/SM correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 1469.0 %².
Among the 44 assets we track against OVV, SM ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OVV ahead by 25.1 points (+61.2% versus +36.1%).
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 SM: side by side
| OVV (Ovintiv Inc. (DE)) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +61.2% | +36.1% |
| 5-year return | +175.7% | +114.6% |
| Volatility (ann.) | 36.4% | 47.6% |
| Beta vs S&P 500 | 0.43 | 0.44 |
| Max drawdown (3Y) | -42.2% | -64.9% |
| Market cap | $18.0B | $8.8B |
| P/E (trailing) | 18.0 | 6.3 |
| Dividend yield | 1.86% | 2.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVV | SM |
|---|---|---|
| 2022 | +53.3% | +18.6% |
| 2023 | -10.9% | +13.1% |
| 2024 | -5.2% | +1.8% |
| 2025 | -0.3% | -49.7% |
| 2026 | +68.1% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and SM good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between OVV and SM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.78 over the last year and 0.84 over 5 years.
Is SM a good diversifier for OVV?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
A reading of 0.85 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OVV correlations · SM correlations
