FANG vs. DVN

Last updated Jun 3, 2026

FANG (Diamondback Energy, Inc.) and DVN (Devon Energy Corporation) are both stocks. Both operate in the Oil & Gas E&P industry within the Energy sector. Over the past 10 years, FANG returned 11.38%/yr vs 6.26%/yr for DVN. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

FANG vs. DVN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Diamondback Energy, Inc. (FANG) and Devon Energy Corporation (DVN). 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 DVN's 26.84% return. Over the past 10 years, FANG has outperformed DVN with an annualized return of 11.38%, while DVN has yielded a comparatively lower 6.26% annualized return.

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%

DVN

• 1D: -0.19%
• 1M: -8.58%
• YTD: 26.84%
• 6M: 25.50%
• 1Y: 52.27%
• 3Y*: 1.48%
• 5Y*: 13.43%
• 10Y*: 6.26%

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

FANG vs. DVN - 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%
DVN Devon Energy Corporation	26.84%	15.03%	-25.21%	-23.08%	50.86%	199.88%	-35.34%	16.81%	-45.09%	-8.74%

Correlation

The correlation between FANG and DVN is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Oct 15, 2012	0.73

The correlation between FANG and DVN shifts across timeframes, from 0.73 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS FANG : $1.40 DVN : $4.54
PE Ratio FANG : 144.45 DVN : 10.19
PS Ratio FANG : 3.83 DVN : 1.79
Total Revenue (TTM) FANG : $15.19B DVN : $12.24B
Gross Profit (TTM) FANG : $7.30B DVN : $2.67B
EBITDA (TTM) FANG : $5.54B DVN : $5.67B

Return for Risk

FANG vs. DVN — 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

DVN

DVN Risk / Return Rank: 81
DVN Sharpe Ratio Rank: 82
DVN Sortino Ratio Rank: 77
DVN Omega Ratio Rank: 75
DVN Calmar Ratio Rank: 86
DVN Martin Ratio Rank: 85

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. DVN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Diamondback Energy, Inc. (FANG) and Devon Energy Corporation (DVN). 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	DVN	Difference
Sharpe ratio Return per unit of total volatility	1.66	1.57	+0.09
Sortino ratio Return per unit of downside risk	2.24	2.13	+0.11
Omega ratio Gain probability vs. loss probability	1.27	1.26	0.00
Calmar ratio Return relative to maximum drawdown	4.33	3.71	+0.63
Martin ratio Return relative to average drawdown	8.64	8.79	-0.15
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. DVN - Sharpe Ratio Comparison

The current FANG Sharpe Ratio is 1.66, which is comparable to the DVN Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of FANG and DVN, 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	DVN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	1.57	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.33	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.13	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.21	+0.26

Drawdowns

FANG vs. DVN - Drawdown Comparison

The maximum FANG drawdown since its inception was -88.72%, smaller than the maximum DVN drawdown of -94.93%. Use the drawdown chart below to compare losses from any high point for FANG and DVN.

Drawdown Indicators

	FANG	DVN	Difference
Max Drawdown Largest peak-to-trough decline	-88.72%	-94.93%	+6.21%
Max Drawdown (1Y) Largest decline over 1 year	-12.53%	-15.29%	+2.76%
Max Drawdown (3Y) Largest decline over 3 years	-42.10%	-49.22%	+7.12%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-61.45%	+19.35%
Max Drawdown (10Y) Largest decline over 10 years	-88.72%	-88.51%	-0.21%
Current Drawdown Current decline from peak	-4.76%	-40.85%	+36.09%
Average Drawdown Average peak-to-trough decline	-19.40%	-35.93%	+16.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	6.45%	-0.17%

Volatility

FANG vs. DVN - Volatility Comparison

The current volatility for Diamondback Energy, Inc. (FANG) is 11.04%, while Devon Energy Corporation (DVN) has a volatility of 13.41%. This indicates that FANG experiences smaller price fluctuations and is considered to be less risky than DVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FANG	DVN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.04%	13.41%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	22.59%	25.45%	-2.86%
Volatility (1Y) Calculated over the trailing 1-year period	30.83%	33.60%	-2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.84%	41.02%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.02%	49.65%	-0.63%

Dividends

FANG vs. DVN - Dividend Comparison

FANG's dividend yield for the trailing twelve months is around 2.05%, less than DVN's 2.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVN Devon Energy Corporation	2.08%	2.62%	4.43%	4.55%	8.41%	5.24%	4.30%	1.35%	1.33%	0.58%	0.92%	3.00%
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. DVN - Profitability Comparison

The chart below illustrates the profitability comparison between Diamondback Energy, Inc. and Devon Energy 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%.

DVN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Devon Energy Corporation reported a gross profit of 0.00 and revenue of 3.81M. Therefore, the gross margin over that period was 0.0%.

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%.

DVN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Devon Energy Corporation reported an operating income of 0.00 and revenue of 3.81M, resulting in an operating margin of 0.0%.

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%.

DVN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Devon Energy Corporation reported a net income of 120.00K and revenue of 3.81M, resulting in a net margin of 3.2%.

Frequently Asked Questions

Can I hold both FANG and DVN in my portfolio?

FANG and DVN have a correlation of 0.84, 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 DVN?

DVN has higher volatility (13.41%) compared to FANG (11.04%). In terms of maximum drawdown, FANG dropped -88.72% vs DVN's -94.93%.

Which has better risk-adjusted returns?

FANG currently has the higher Sharpe Ratio (1.66 vs 1.57), 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.