OVV vs WTI: Correlation
Ovintiv Inc. (DE) (OVV) and W&T Offshore, Inc. (WTI) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and WTI?
On 3 years of weekly data the OVV/WTI correlation comes out at 0.68, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 1592.0 %².
Among the 44 assets we track against OVV, WTI ranks #26 by 3-year correlation. The last year tells two different stories: WTI led by 43.7 percentage points, +61.2% for OVV against +104.9% for WTI. Note the risk asymmetry: WTI runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WTI: side by side
| OVV (Ovintiv Inc. (DE)) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +61.2% | +104.9% |
| 5-year return | +175.7% | +18.8% |
| Volatility (ann.) | 36.4% | 64.6% |
| Beta vs S&P 500 | 0.43 | 0.24 |
| Max drawdown (3Y) | -42.2% | -74.3% |
| Market cap | $18.0B | $0.6B |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | 1.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OVV | WTI |
|---|---|---|
| 2022 | +53.3% | +72.8% |
| 2023 | -10.9% | -41.4% |
| 2024 | -5.2% | -48.2% |
| 2025 | -0.3% | +0.6% |
| 2026 | +68.1% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and WTI good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between OVV and WTI?
The OVV/WTI correlation stands at 0.68 on a 3-year window (1 year: 0.60, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is WTI a good diversifier for OVV?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 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
$ curl https://www.pairbook.io/api/v1/pairs/ovv-vs-wti.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ovv-vs-wti/)
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Related comparisons
Hubs: OVV correlations · WTI correlations
