OVV vs TPL: Correlation
How closely do Ovintiv Inc. (DE) (OVV) and Texas Pacific Land Corporation (TPL) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and TPL?
Over the past 3 years, OVV and TPL moved with a correlation of 0.47, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 863.2 %².
Among the 44 assets we track against OVV, TPL ranks #37 by 3-year correlation. The last year tells two different stories: OVV led by 38.4 percentage points, +61.2% for OVV 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.
OVV vs TPL: side by side
| OVV (Ovintiv Inc. (DE)) | TPL (Texas Pacific Land Corporation) | |
|---|---|---|
| 1-year return | +61.2% | +22.8% |
| 5-year return | +175.7% | +149.6% |
| Volatility (ann.) | 36.4% | 50.0% |
| Beta vs S&P 500 | 0.43 | 0.62 |
| Max drawdown (3Y) | -42.2% | -52.2% |
| Market cap | $18.0B | $25.5B |
| P/E (trailing) | 18.0 | 47.2 |
| Dividend yield | 1.86% | 0.61% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | OVV | TPL |
|---|---|---|
| 2022 | +53.3% | +91.3% |
| 2023 | -10.9% | -32.4% |
| 2024 | -5.2% | +115.3% |
| 2025 | -0.3% | -21.6% |
| 2026 | +68.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and TPL good diversifiers for each other?
Reasonably. At 0.47, OVV and TPL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OVV and TPL?
As of 2026-08-27, the correlation of weekly returns between OVV and TPL is 0.47 over 3 years, 0.40 over 1 year and 0.54 over 5 years.
Is TPL a good diversifier for OVV?
Reasonably. At 0.47, OVV and TPL keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: OVV correlations · TPL correlations
