FANG vs. CVX

Last updated Jun 3, 2026

FANG (Diamondback Energy, Inc.) and CVX (Chevron Corporation) are both stocks. Both are in the Energy sector — FANG in Oil & Gas E&P, CVX in Oil & Gas Integrated. Over the past 10 years, FANG returned 11.38%/yr vs 11.03%/yr for CVX. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

FANG vs. CVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamondback Energy, Inc. (FANG) and Chevron Corporation (CVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FANG achieves a 36.19% return, which is significantly higher than CVX's 25.40% return. Both investments have delivered pretty close results over the past 10 years, with FANG having a 11.38% annualized return and CVX not far behind at 11.03%.

FANG

• 1D: 1.69%
• 1M: -1.99%
• YTD: 36.19%
• 6M: 31.25%
• 1Y: 50.90%
• 3Y*: 19.82%
• 5Y*: 23.66%
• 10Y*: 11.38%

CVX

• 1D: 0.93%
• 1M: -0.71%
• YTD: 25.40%
• 6M: 27.20%
• 1Y: 41.76%
• 3Y*: 10.84%
• 5Y*: 16.44%
• 10Y*: 11.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FANG vs. CVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FANG Diamondback Energy, Inc.	36.19%	-5.64%	10.35%	19.66%	35.34%	127.51%	-46.00%	0.92%	-26.35%	24.93%
CVX Chevron Corporation	25.40%	10.10%	1.29%	-13.63%	58.46%	46.24%	-25.95%	15.27%	-9.75%	10.59%

Correlation

The correlation between FANG and CVX is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Oct 15, 2012	0.64

The correlation between FANG and CVX has been stable across timeframes, ranging from 0.64 to 0.73 - a consistent structural relationship.

Fundamentals

Market Cap FANG : $57.24B CVX : $372.46B
EPS FANG : $1.40 CVX : $5.75
PE Ratio FANG : 144.45 CVX : 32.60
PS Ratio FANG : 3.83 CVX : 1.93
PB Ratio FANG : 1.57 CVX : 2.03
Total Revenue (TTM) FANG : $15.19B CVX : $185.89B
Gross Profit (TTM) FANG : $7.30B CVX : $47.27B
EBITDA (TTM) FANG : $5.54B CVX : $40.44B

Return for Risk

FANG vs. CVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FANG

FANG Risk / Return Rank: 82
FANG Sharpe Ratio Rank: 83
FANG Sortino Ratio Rank: 78
FANG Omega Ratio Rank: 75
FANG Calmar Ratio Rank: 89
FANG Martin Ratio Rank: 84

CVX

CVX Risk / Return Rank: 83
CVX Sharpe Ratio Rank: 86
CVX Sortino Ratio Rank: 82
CVX Omega Ratio Rank: 81
CVX Calmar Ratio Rank: 82
CVX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FANG vs. CVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamondback Energy, Inc. (FANG) and Chevron Corporation (CVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FANG	CVX	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.90	-0.24
Sortino ratio Return per unit of downside risk	2.24	2.49	-0.25
Omega ratio Gain probability vs. loss probability	1.27	1.32	-0.06
Calmar ratio Return relative to maximum drawdown	4.33	3.07	+1.26
Martin ratio Return relative to average drawdown	8.64	7.97	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FANG vs. CVX - Sharpe Ratio Comparison

The current FANG Sharpe Ratio is 1.66, which is comparable to the CVX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of FANG and CVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FANG	CVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.90	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.66	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.38	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.37	+0.10

Drawdowns

FANG vs. CVX - Drawdown Comparison

The maximum FANG drawdown since its inception was -88.72%, which is greater than CVX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for FANG and CVX.

Drawdown Indicators

	FANG	CVX	Difference
Max Drawdown Largest peak-to-trough decline	-88.72%	-55.77%	-32.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-13.99%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-42.10%	-20.64%	-21.46%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-24.95%	-17.15%
Max Drawdown (10Y) Largest decline over 10 years	-88.72%	-55.77%	-32.95%
Current Drawdown Current decline from peak	-4.76%	-10.36%	+5.60%
Average Drawdown Average peak-to-trough decline	-19.40%	-11.39%	-8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	5.39%	+0.89%

Volatility

FANG vs. CVX - Volatility Comparison

Diamondback Energy, Inc. (FANG) has a higher volatility of 11.04% compared to Chevron Corporation (CVX) at 8.25%. This indicates that FANG's price experiences larger fluctuations and is considered to be riskier than CVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FANG	CVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.04%	8.25%	+2.79%
Volatility (6M) Calculated over the trailing 6-month period	22.59%	17.81%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	30.83%	22.09%	+8.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.84%	25.12%	+12.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.02%	29.16%	+19.86%

Dividends

FANG vs. CVX - Dividend Comparison

FANG's dividend yield for the trailing twelve months is around 2.05%, less than CVX's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVX Chevron Corporation	3.72%	4.49%	4.50%	4.05%	3.16%	4.52%	6.11%	3.95%	4.12%	3.45%	3.64%	4.76%
FANG Diamondback Energy, Inc.	2.05%	2.66%	5.06%	5.15%	6.55%	1.62%	3.10%	0.74%	0.40%	0.00%	0.00%	0.00%

Financials

FANG vs. CVX - Profitability Comparison

The chart below illustrates the profitability comparison between Diamondback Energy, Inc. and Chevron Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FANG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Diamondback Energy, Inc. reported a gross profit of 3.85B and revenue of 4.24B. Therefore, the gross margin over that period was 90.9%.

CVX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a gross profit of 4.55B and revenue of 47.56B. Therefore, the gross margin over that period was 9.6%.

FANG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Diamondback Energy, Inc. reported an operating income of 30.00M and revenue of 4.24B, resulting in an operating margin of 0.7%.

CVX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported an operating income of 3.24B and revenue of 47.56B, resulting in an operating margin of 6.8%.

FANG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Diamondback Energy, Inc. reported a net income of 144.00M and revenue of 4.24B, resulting in a net margin of 3.4%.

CVX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a net income of 2.21B and revenue of 47.56B, resulting in a net margin of 4.7%.

Frequently Asked Questions

Can I hold both FANG and CVX in my portfolio?

FANG and CVX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FANG or CVX?

FANG has higher volatility (11.04%) compared to CVX (8.25%). In terms of maximum drawdown, FANG dropped -88.72% vs CVX's -55.77%.

Which has better risk-adjusted returns?

CVX currently has the higher Sharpe Ratio (1.90 vs 1.66), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.