NOG vs. WEAT

Last updated Jul 11, 2026

NOG (Northern Oil and Gas, Inc.) is a stock, while WEAT (Teucrium Wheat Fund) is Agricultural Commodities fund tracking the Teucrium Wheat Index (TWEAT). Over the past 10 years, NOG returned -7.03%/yr vs -5.23%/yr for WEAT. At a 0.10 correlation, their price movements are largely independent.

Performance

NOG vs. WEAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Oil and Gas, Inc. (NOG) and Teucrium Wheat Fund (WEAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NOG achieves a -10.36% return, which is significantly lower than WEAT's 18.78% return. Over the past 10 years, NOG has underperformed WEAT with an annualized return of -7.03%, while WEAT has yielded a comparatively higher -5.23% annualized return.

NOG

• 1D: -1.44%
• 1M: -7.12%
• 6M: -12.00%
• YTD: -10.36%
• 1Y: -35.02%
• 3Y*: -14.51%
• 5Y*: 3.47%
• 10Y*: -7.03%

WEAT

• 1D: 2.91%
• 1M: 5.75%
• 6M: 16.62%
• YTD: 18.78%
• 1Y: 5.42%
• 3Y*: -10.15%
• 5Y*: -5.12%
• 10Y*: -5.23%

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

NOG vs. WEAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOG Northern Oil and Gas, Inc.	-10.36%	-38.20%	4.84%	25.54%	54.51%	136.72%	-62.56%	3.54%	10.24%	-25.45%
WEAT Teucrium Wheat Fund	18.78%	-17.14%	-19.26%	-25.19%	7.98%	19.39%	5.81%	-1.35%	-1.17%	-12.79%

Correlation

The correlation between NOG and WEAT is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 19, 2011	0.10

Return for Risk

NOG vs. WEAT — Risk / Return Rank

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

NOG

NOG Risk / Return Rank: 11
NOG Sharpe Ratio Rank: 11
NOG Sortino Ratio Rank: 14
NOG Omega Ratio Rank: 16
NOG Calmar Ratio Rank: 10
NOG Martin Ratio Rank: 4

WEAT

WEAT Risk / Return Rank: 12
WEAT Sharpe Ratio Rank: 12
WEAT Sortino Ratio Rank: 12
WEAT Omega Ratio Rank: 12
WEAT Calmar Ratio Rank: 13
WEAT Martin Ratio Rank: 12

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.

NOG vs. WEAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Oil and Gas, Inc. (NOG) and Teucrium Wheat Fund (WEAT). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NOG	WEAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.78	0.16	-0.94
Sortino ratio: Return per unit of downside risk	-0.96	0.43	-1.39
Omega ratio: Gain probability vs. loss probability	0.89	1.05	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.85	0.25	-1.10
Martin ratio: Return relative to average drawdown	-1.62	0.48	-2.10

NOG vs. WEAT - Sharpe Ratio Comparison

The current NOG Sharpe Ratio is -0.78, which is lower than the WEAT Sharpe Ratio of 0.16. The chart below compares the historical Sharpe Ratios of NOG and WEAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NOG vs. WEAT - Drawdown Comparison

The maximum NOG drawdown since its inception was -98.96%, which is greater than WEAT's maximum drawdown of -84.32%. Use the drawdown chart below to compare losses from any high point for NOG and WEAT.

Drawdown Indicators

	NOG	WEAT	Difference
Max Drawdown Largest peak-to-trough decline	-98.96%	-84.32%	-14.64%
Max Drawdown (1Y) Largest decline over 1 year	-41.43%	-14.44%	-26.99%
Max Drawdown (3Y) Largest decline over 3 years	-55.08%	-46.27%	-8.81%
Max Drawdown (5Y) Largest decline over 5 years	-55.08%	-67.83%	+12.75%
Max Drawdown (10Y) Largest decline over 10 years	-92.98%	-67.83%	-25.15%
Current Drawdown Current decline from peak	-92.85%	-81.29%	-11.56%
Average Drawdown Average peak-to-trough decline	-69.82%	-63.23%	-6.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.78%	8.21%	+13.57%

Volatility

NOG vs. WEAT - Volatility Comparison

Northern Oil and Gas, Inc. (NOG) has a higher volatility of 14.14% compared to Teucrium Wheat Fund (WEAT) at 6.35%. This indicates that NOG's price experiences larger fluctuations and is considered to be riskier than WEAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOG	WEAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.14%	6.35%	+7.79%
Volatility (6M) Calculated over the trailing 6-month period	32.39%	18.74%	+13.65%
Volatility (1Y) Calculated over the trailing 1-year period	45.38%	21.95%	+23.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.25%	30.33%	+18.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.57%	26.77%	+43.80%

Dividends

NOG vs. WEAT - Dividend Comparison

NOG's dividend yield for the trailing twelve months is around 9.72%, while WEAT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
NOG Northern Oil and Gas, Inc.	9.72%	8.38%	4.41%	4.02%	2.86%	0.75%
WEAT Teucrium Wheat Fund	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NOG and WEAT in my portfolio?

NOG and WEAT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOG or WEAT?

NOG has higher volatility (14.14%) compared to WEAT (6.35%). In terms of maximum drawdown, NOG dropped -98.96% vs WEAT's -84.32%.

Which has better risk-adjusted returns?

WEAT currently has the higher Sharpe Ratio (0.16 vs -0.78), 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.