OVV vs XLE: Correlation
Ovintiv Inc. (DE) (OVV) and Energy Select Sector SPDR Fund (XLE) show a very strong relationship: their 3-year correlation of weekly returns is 0.87.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OVV and XLE?
On 3 years of weekly data the OVV/XLE correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. The 5-year figure is 0.85, and annualized covariance runs at 727.9 %².
In OVV's tracked universe of 44 assets, XLE sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months OVV outperformed by 17.2 percentage points (+61.2% for OVV against +44.0% for XLE). Risk is not evenly split, since OVV carries 1.6 times the volatility of the other side.
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 XLE: side by side
| OVV (Ovintiv Inc. (DE)) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +61.2% | +44.0% |
| 5-year return | +175.7% | +206.7% |
| Volatility (ann.) | 36.4% | 23.1% |
| Beta vs S&P 500 | 0.43 | 0.27 |
| Max drawdown (3Y) | -42.2% | -20.1% |
| Market cap | $18.0B | – |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.86% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | OVV | XLE |
|---|---|---|
| 2022 | +53.3% | +64.3% |
| 2023 | -10.9% | -0.6% |
| 2024 | -5.2% | +5.6% |
| 2025 | -0.3% | +7.9% |
| 2026 | +68.1% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OVV and XLE good diversifiers for each other?
No. With a correlation of 0.87, OVV and XLE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between OVV and XLE?
As of 2026-08-27, the correlation of weekly returns between OVV and XLE is 0.87 over 3 years, 0.84 over 1 year and 0.85 over 5 years.
Is XLE a good diversifier for OVV?
No. With a correlation of 0.87, OVV and XLE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.87 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-xle.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ovv-vs-xle/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: OVV correlations · XLE correlations
