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Relative Intelligence · Exploration & Production

How Devon Energy (DVN) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on DVN alone. It places DVN (Devon Energy Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where DVN stands in the market, and of the alternatives worth a closer look.

Period covered: DVN's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against DVN →Chart DVN vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in DVN have grown?

This chart tracks a hypothetical $10,000 investment in DVN over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of DVN over the same span and DVN's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 823 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of DVN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • VLO$1M+10,099% total · +17.3% a year
  • OKE$455,980+4,460% total · +14.1% a year
  • EOG$380,118+3,701% total · +13.4% a year
  • EQT$179,863+1,699% total · +10.5% a year
  • COP$156,444+1,464% total · +9.9% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • MUR$67,431+574% total · +6.8% a year
  • DVN$35,882+259% total · +4.5% a year
  • APA$33,799+238% total · +4.3% a year
  • RRC$33,188+232% total · +4.2% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,314 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of DVN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • VLO$64,131+541% total · +45.0% a year
  • PR$36,604+266% total · +29.6% a year
  • MPLX$30,642+206% total · +25.1% a year
  • APA$22,551+126% total · +17.7% a year
  • COP$22,182+122% total · +17.3% a year
  • EOG$21,734+117% total · +16.8% a year
  • OVV$19,897+99.0% total · +14.8% a year
  • OKE$19,267+92.7% total · +14.0% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • DVN$16,425+64.3% total · +10.4% a year
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DVN at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$55B
Industry
Oil & Gas Exploration & Production
Price history from
October 1986

Returns

Past 1 year
+61.8%total return
Past 3 years
+15.0%+4.8% a year
Past 5 years
+56.0%+9.3% a year
Past 10 years
+69.6%+5.4% a year
Best calendar year
+196%2021
Worst calendar year
−46.6%2015
Losing years
11 of 29full calendar years

Risk

Volatility
39.9%typical yearly swing, 5 years
Sharpe ratio
0.42return per unit of risk, 5 years
Worst decline ever
−94.9%May 2008 to Mar 2020
From its all-time high
−34.4%below the peak

DVN against the whole market

Where DVN ranks among every stock and fund, and what across the market has done better.

How does DVN rank among all stocks?

This section ranks DVN on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how DVN stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureDVNRankStanding
1-year return+61.8%400 of 3,287top 12%
3-year return+15.0%2,090 of 3,017bottom 32%
5-year return+56.0%1,038 of 2,893top 36%
10-year return+69.6%1,477 of 2,202bottom 34%
Volatility, 5 years39.9%1,457 of 2,893top 50%
Sharpe ratio, 5 years0.421,165 of 2,893top 40%
Worst decline, past 10 years−88.5%1,897 of 2,187bottom 14%

What has beaten DVN on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). DVN sits where the dashed lines cross. Anything in the green box above and to the left earned more than DVN with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to DVN; faint dots are 87 more of the 819 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DVNGILD: +22.8% a year, volatility 24.9%MOG-A: +36.6% a year, volatility 32.0%PSX: +33.2% a year, volatility 32.9%CNQ: +26.5% a year, volatility 32.5%CACI: +16.6% a year, volatility 29.9%EQNR: +19.2% a year, volatility 34.4%AVT: +22.1% a year, volatility 30.7%NHC: +32.0% a year, volatility 28.5%HRB: +18.3% a year, volatility 34.9%IXC: +20.7% a year, volatility 23.2%DCO: +27.5% a year, volatility 34.5%RY: +17.3% a year, volatility 18.2%HWM: +47.3% a year, volatility 32.5%AAPL: +18.5% a year, volatility 28.0%COMT: +13.1% a year, volatility 21.1%IEO: +21.5% a year, volatility 29.9%LLY: +40.7% a year, volatility 32.8%RCBC: +14.6% a year, volatility 27.2%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%TAK: +11.9% a year, volatility 19.4%NUE: +21.7% a year, volatility 37.4%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%ABBV: +26.1% a year, volatility 23.4%PBR: +50.3% a year, volatility 37.5%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%RPRX: +13.3% a year, volatility 23.8%DXJ: +26.6% a year, volatility 19.1%KO: +14.7% a year, volatility 16.8%CAT: +31.1% a year, volatility 31.9%EXPD: +12.0% a year, volatility 27.1%COST: +17.4% a year, volatility 22.9%EXEL: +24.4% a year, volatility 35.8%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%EWT: +20.4% a year, volatility 24.2%NVS: +17.1% a year, volatility 20.7%E: +23.0% a year, volatility 25.6%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%RTX: +18.6% a year, volatility 24.3%MSGS: +18.4% a year, volatility 25.6%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%VCTR: +28.1% a year, volatility 35.0%TX: +13.7% a year, volatility 34.8%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%ARW: +12.5% a year, volatility 30.6%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%LIN: +11.5% a year, volatility 20.9%UBS: +25.4% a year, volatility 30.4%FLTW: +21.8% a year, volatility 24.3%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%ETN: +20.4% a year, volatility 32.1%XLK: +19.4% a year, volatility 26.0%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%AAMI: +29.0% a year, volatility 35.6%COR: +24.2% a year, volatility 22.8%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%IWF: +11.7% a year, volatility 21.8%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%XOP: +15.9% a year, volatility 32.9%DVN: +9.3% a year, volatility 39.9%SPY (S&P 500): +12.7% a year, volatility 17.1%VLO: +44.2% a year, volatility 36.9%COP: +18.2% a year, volatility 32.6%MPLX: +23.5% a year, volatility 18.8%EOG: +16.6% a year, volatility 32.3%OKE: +13.3% a year, volatility 28.0%CHRD: +16.7% a year, volatility 39.1%MPC: +51.2% a year, volatility 33.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%DINO: +31.8% a year, volatility 38.8%ENB: +9.1% a year, volatility 18.9%CAH: +42.1% a year, volatility 24.7%MSFT: +12.5% a year, volatility 28.2%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%XLE: +22.6% a year, volatility 25.5%STLD: +32.2% a year, volatility 38.0%VEA: +9.3% a year, volatility 16.9%PBR-A: +51.8% a year, volatility 37.5%DVNSPY (S&P 500)VLOCOPMPLXEOGOKECHRDMPCXOMCVXSHELDINOENBCAHMSFTMCKMRKXLESTLDVEAPBR-A10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than DVNGILD: +22.8% a year, volatility 24.9%MOG-A: +36.6% a year, volatility 32.0%PSX: +33.2% a year, volatility 32.9%CNQ: +26.5% a year, volatility 32.5%CACI: +16.6% a year, volatility 29.9%EQNR: +19.2% a year, volatility 34.4%AVT: +22.1% a year, volatility 30.7%NHC: +32.0% a year, volatility 28.5%HRB: +18.3% a year, volatility 34.9%IXC: +20.7% a year, volatility 23.2%DCO: +27.5% a year, volatility 34.5%RY: +17.3% a year, volatility 18.2%HWM: +47.3% a year, volatility 32.5%AAPL: +18.5% a year, volatility 28.0%COMT: +13.1% a year, volatility 21.1%IEO: +21.5% a year, volatility 29.9%LLY: +40.7% a year, volatility 32.8%RCBC: +14.6% a year, volatility 27.2%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%TAK: +11.9% a year, volatility 19.4%NUE: +21.7% a year, volatility 37.4%WMT: +20.8% a year, volatility 22.6%BRK-B: +13.4% a year, volatility 17.1%NTAP: +20.9% a year, volatility 35.3%CIB: +32.9% a year, volatility 32.9%ABBV: +26.1% a year, volatility 23.4%PBR: +50.3% a year, volatility 37.5%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%V: +12.8% a year, volatility 22.9%RPRX: +13.3% a year, volatility 23.8%DXJ: +26.6% a year, volatility 19.1%KO: +14.7% a year, volatility 16.8%CAT: +31.1% a year, volatility 31.9%EXPD: +12.0% a year, volatility 27.1%COST: +17.4% a year, volatility 22.9%EXEL: +24.4% a year, volatility 35.8%MA: +12.4% a year, volatility 23.8%PM: +21.0% a year, volatility 23.4%SU: +33.1% a year, volatility 32.5%EWT: +20.4% a year, volatility 24.2%NVS: +17.1% a year, volatility 20.7%E: +23.0% a year, volatility 25.6%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%RTX: +18.6% a year, volatility 24.3%MSGS: +18.4% a year, volatility 25.6%GS: +19.6% a year, volatility 28.6%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%VCTR: +28.1% a year, volatility 35.0%TX: +13.7% a year, volatility 34.8%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%ARW: +12.5% a year, volatility 30.6%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%LIN: +11.5% a year, volatility 20.9%UBS: +25.4% a year, volatility 30.4%FLTW: +21.8% a year, volatility 24.3%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%ADI: +19.5% a year, volatility 34.1%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%CB: +15.7% a year, volatility 20.4%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%MO: +17.8% a year, volatility 21.4%ETN: +20.4% a year, volatility 32.1%XLK: +19.4% a year, volatility 26.0%VIG: +10.4% a year, volatility 14.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%MAR: +22.0% a year, volatility 28.6%AAMI: +29.0% a year, volatility 35.6%COR: +24.2% a year, volatility 22.8%BMO: +13.6% a year, volatility 21.4%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%IWF: +11.7% a year, volatility 21.8%MNST: +17.2% a year, volatility 24.9%LMT: +11.1% a year, volatility 24.2%XOP: +15.9% a year, volatility 32.9%DVN: +9.3% a year, volatility 39.9%SPY (S&P 500): +12.7% a year, volatility 17.1%VLO: +44.2% a year, volatility 36.9%COP: +18.2% a year, volatility 32.6%MPLX: +23.5% a year, volatility 18.8%EOG: +16.6% a year, volatility 32.3%OKE: +13.3% a year, volatility 28.0%CHRD: +16.7% a year, volatility 39.1%MPC: +51.2% a year, volatility 33.4%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%SHEL: +21.0% a year, volatility 24.8%DINO: +31.8% a year, volatility 38.8%ENB: +9.1% a year, volatility 18.9%CAH: +42.1% a year, volatility 24.7%MSFT: +12.5% a year, volatility 28.2%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%AMGN: +19.6% a year, volatility 24.9%XLE: +22.6% a year, volatility 25.5%STLD: +32.2% a year, volatility 38.0%VEA: +9.3% a year, volatility 16.9%PBR-A: +51.8% a year, volatility 37.5%DVNSPY (S&P 500)VLOCOPMPLXEOGCHRDMPCXOMCVXDINOENBCAHMCKMRKAMGNXLESTLDVEAPBR-A
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than DVN?

Investments that beat DVN over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat DVN over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks DVN's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than DVN follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than DVN's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× DVN's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than DVN's.

Screen the whole market against DVN for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with DVN?lower diversifies moreExpenseper year
DVNDevon Energy Corporation · this page
+9.3%39.9%0.42−88.5%+69.6%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.220.09%
Popular alternativesbest 6 shownThe investments people most often weigh against DVN. 14 of 22 passed at least one test.
VLOValero Energy Corporation · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+44.2%36.9%1.18−71.9%+1,061%0.61—
COPConocoPhillips · Exploration & Production
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.2%32.6%0.68−70.7%+379%0.88—
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+23.5%18.8%1.22−75.2%+350%0.56—
EOGEOG Resources, Inc. · Exploration & Production
Higher return, lower volatilityHigher Sharpe, smaller worst decline+16.6%32.3%0.64−77.1%+131%0.82—
OKEONEOK, Inc. · Oil & Gas Midstream
Higher return, lower volatilityHigher Sharpe, smaller worst decline+13.3%28.0%0.59−80.2%+233%0.64—
CHRDChord Energy Corporation · Exploration & Production
Higher return, similar volatilityHigher Sharpe, smaller worst decline+16.7%39.1%0.59−53.9%—0.75—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Exploration & Production and Oil & Gas and the categories next to it (Oilfield Services, Oil & Gas Midstream, Integrated Oil & Gas), plus DVN's specific themes. 57 of 63 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+51.2%33.4%1.41−79.7%+1,387%0.62—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+27.1%26.5%1.04−61.0%+214%0.76—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.5%25.2%0.84−55.8%+238%0.77—
SHELShell plc · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+21.0%24.8%0.90−67.2%+233%0.67—
DINOHF Sinclair Corporation · Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+31.8%38.8%0.91−77.3%+649%0.51—
ENBEnbridge Inc. · Oil & Gas Midstream
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+9.1%18.9%0.56−44.1%+103%0.42—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 1,684 of 3,548 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+42.1%24.7%1.55−46.1%+349%0.13—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+12.5%28.2%0.56−37.1%+946%-0.05—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.32—
MRKMerck & Co., Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+16.3%24.8%0.74−43.4%+241%0.23—
AMGNAmgen Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+19.6%24.9%0.85−24.9%+266%0.39—
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+22.6%25.5%0.93−66.8%+189%0.870.08%
STLDSteel Dynamics, Inc. · Metals & Mining
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.2%38.0%0.93−68.5%+1,018%0.39—
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+9.3%16.9%0.61−35.8%+153%0.200.03%
What these numbers mean for DVN
Annual return
DVN returned 9.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $15,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
DVN's volatility over the past 5 years was 39.9%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DVN's return lands within 39.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
DVN's Sharpe ratio over the past 5 years was 0.42, against 0.79 for the S&P 500, so DVN earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
DVN's worst fall from a peak to a low over the past 10 years was 88.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 88.5% fall takes a 770% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, DVN's monthly returns had a correlation of 0.22 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against DVN instead: the lower it is, the more that option would diversify a DVN holding. Guide: Correlation and diversification →
Show all 819 stocks and funds worth at least $500 million that earned more than DVN with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with DVNExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.13—
2
MSFTMicrosoft Corporation · Software
Whole market+12.5%28.2%0.56−37.1%+946%-0.05—
3
MPCMarathon Petroleum Corporation · Oil & Gas
Same or nearby category+51.2%33.4%1.41−79.7%+1,387%0.62—
4
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.32—
5
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.23—
6
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.39—
7
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.24—
8
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.870.08%
9
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Same or nearby category+27.1%26.5%1.04−61.0%+214%0.76—
10
CVXChevron Corporation · Integrated Oil & Gas
Same or nearby category+19.5%25.2%0.84−55.8%+238%0.77—
11
SHELShell plc · Integrated Oil & Gas
Same or nearby category+21.0%24.8%0.90−67.2%+233%0.67—
12
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.06—
13
PSXPhillips 66 · Oil & Gas
Same or nearby category+33.2%32.9%1.04−64.2%+430%0.69—
14
CNQCanadian Natural Resources Limited · Oil & Gas
Same or nearby category+26.5%32.5%0.89−77.5%+433%0.76—
15
CACICACI International Inc · Business Services
Whole market+16.6%29.9%0.66−42.9%+499%0.21—
16
VLOValero Energy Corporation · Oil & Gas
Popular alternative+44.2%36.9%1.18−71.9%+1,061%0.61—
17
EQNREquinor ASA · Integrated Oil & Gas
Same or nearby category+19.2%34.4%0.69−66.8%+416%0.55—
18
AVTAvnet, Inc. · Technology Distribution
Whole market+22.1%30.7%0.81−58.4%+173%0.28—
19
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.01—
20
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Same or nearby category+51.8%37.5%1.31−71.7%+768%0.59—
21
HRBH&R Block, Inc. · Tax Preparation
Whole market+18.3%34.9%0.65−57.7%+206%0.16—
22
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.850.37%
23
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+706%0.21—
24
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.17—
25
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.17—
26
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.12—
27
COMTiShares GSCI Commodity Dynamic Roll Strategy ETF · Commodities
Whole market+13.1%21.1%0.69−39.2%+160%0.580.49%
28
IEOiShares U.S. Oil & Gas Exploration & Production ETF · Broad Market
Whole market+21.5%29.9%0.80−75.0%+217%0.890.37%
29
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.05—
30
RCBCRiver City Bank · Banks - Regional
Whole market+14.6%27.2%0.64−45.5%+345%-0.05—
31
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.220.03%
32
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.220.03%
33
TAKTakeda Pharmaceutical Company Limited · Pharmaceuticals
Whole market+11.9%19.4%0.68−54.4%+30.4%0.11—
34
NUENucor Corporation · Metals & Mining
Whole market+21.7%37.4%0.72−57.2%+569%0.37—
35
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.02—
36
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.34—
37
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.9%35.3%0.71−58.1%+691%0.03—
38
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.40—
39
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.13—
40
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Same or nearby category+50.3%37.5%1.28−75.3%+674%0.58—
41
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.19—
42
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.24—
43
VVisa Inc. · Payment Processing
Whole market+12.8%22.9%0.64−36.4%+429%0.22—
44
RPRXRoyalty Pharma plc · Pharmaceuticals
Whole market+13.3%23.8%0.65−49.7%—0.20—
45
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
46
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.26—
47
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.25—
48
EXPDExpeditors International of Washington, Inc. · Freight & Logistics
Whole market+12.0%27.1%0.56−35.6%+349%0.31—
49
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.08—
50
EXELExelixis, Inc. · Biotechnology
Whole market+24.4%35.8%0.79−57.2%+448%-0.12—
51
MAMastercard Incorporated · Payment Processing
Whole market+12.4%23.8%0.61−41.0%+541%0.27—
52
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.28—
53
SUSuncor Energy Inc. · Integrated Oil & Gas
Same or nearby category+33.1%32.5%1.05−73.5%+295%0.71—
54
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%-0.010.59%
55
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.26—
56
EEni S.p.A. · Integrated Oil & Gas
Same or nearby category+23.0%25.6%0.94−61.4%+278%0.70—
57
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.02—
58
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.470.03%
59
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.26—
60
MSGSMadison Square Garden Sports Corp. · Entertainment
Whole market+18.4%25.6%0.79−41.6%+432%0.26—
61
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.32—
62
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+627%0.25—
63
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.31—
64
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.34—
65
TXTernium S.A. · Metals & Mining
Whole market+13.7%34.8%0.54−74.9%+393%0.27—
66
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.05—
67
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.25—
68
ARWArrow Electronics, Inc. · Technology Distribution
Whole market+12.5%30.6%0.54−52.8%+250%0.12—
69
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.060.40%
70
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%-0.09—
71
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.28—
72
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.21—
73
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—-0.020.19%
74
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.09—
75
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.27—
76
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.16—
77
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+652%0.17—
78
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%0.34—
79
AXPAmerican Express Company · Consumer Finance
Whole market+13.5%29.3%0.58−49.6%+446%0.24—
80
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.24—
81
CBChubb Limited · Property & Casualty Insurance
Whole market+15.7%20.4%0.82−42.6%+248%0.41—
82
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.06—
83
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.06—
84
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+140%0.48—
85
COPConocoPhillips · Exploration & Production
Popular alternative+18.2%32.6%0.68−70.7%+379%0.88—
86
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+657%0.05—
87
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Whole market+19.4%26.0%0.82−33.6%+767%-0.030.08%
88
VIGVanguard Dividend Appreciation ETF · US Dividend Equity
Whole market+10.4%14.1%0.78−31.7%+258%0.300.04%
89
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+190%0.39—
90
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.38—
91
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.34—
92
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.25—
93
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.32—
94
BMOBank of Montreal · Banks
Whole market+13.6%21.4%0.71−51.0%+295%0.28—
95
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.17—
96
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.19—
97
IWFiShares Russell 1000 Growth ETF · US Large-Cap Growth
Whole market+11.7%21.8%0.62−32.7%+416%0.030.18%
98
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+285%-0.07—
99
LMTLockheed Martin Corporation · Aerospace & Defense
Whole market+11.1%24.2%0.56−36.7%+204%0.29—
100
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF · Energy
Whole market+15.9%32.9%0.61−82.6%+59.3%0.840.35%

DVN against its popular alternatives

The investments people most often weigh against DVN, compared period by period and year by year.

How do DVN's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at DVN, which divides the map into what did better or worse on each measure.

Green points earned more than DVN with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDVN: 9.3% a year, volatility 39.9%SPY (S&P 500): 12.7% a year, volatility 17.1%VLO: 44.2% a year, volatility 36.9%COP: 18.2% a year, volatility 32.6%EOG: 16.6% a year, volatility 32.3%FANG: 17.6% a year, volatility 36.6%MPLX: 23.5% a year, volatility 18.8%OKE: 13.3% a year, volatility 28.0%SM: 6.9% a year, volatility 52.8%CHRD: 16.7% a year, volatility 39.1%OXY: 15.2% a year, volatility 37.9%MTDR: 6.9% a year, volatility 46.3%SLB: 10.0% a year, volatility 37.5%NOG: 7.1% a year, volatility 48.2%PR: 33.1% a year, volatility 47.1%OVV: 14.8% a year, volatility 44.8%APA: 16.2% a year, volatility 47.6%MUR: 11.8% a year, volatility 45.0%AR: 13.4% a year, volatility 46.7%RRC: 13.3% a year, volatility 43.2%EQT: 22.4% a year, volatility 40.9%CRC: 6.8% a year, volatility 39.1%MGY: 6.3% a year, volatility 38.9%HAL: 6.9% a year, volatility 39.4%DVNSPY (S&P 500)VLOCOPEOGFANGMPLXOKESMCHRDOXYMTDRSLBNOGPROVVAPAMURARRRCEQTCRCMGY10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityDVN: 9.3% a year, volatility 39.9%SPY (S&P 500): 12.7% a year, volatility 17.1%VLO: 44.2% a year, volatility 36.9%COP: 18.2% a year, volatility 32.6%EOG: 16.6% a year, volatility 32.3%FANG: 17.6% a year, volatility 36.6%MPLX: 23.5% a year, volatility 18.8%OKE: 13.3% a year, volatility 28.0%SM: 6.9% a year, volatility 52.8%CHRD: 16.7% a year, volatility 39.1%OXY: 15.2% a year, volatility 37.9%MTDR: 6.9% a year, volatility 46.3%SLB: 10.0% a year, volatility 37.5%NOG: 7.1% a year, volatility 48.2%PR: 33.1% a year, volatility 47.1%OVV: 14.8% a year, volatility 44.8%APA: 16.2% a year, volatility 47.6%MUR: 11.8% a year, volatility 45.0%AR: 13.4% a year, volatility 46.7%RRC: 13.3% a year, volatility 43.2%EQT: 22.4% a year, volatility 40.9%CRC: 6.8% a year, volatility 39.1%MGY: 6.3% a year, volatility 38.9%HAL: 6.9% a year, volatility 39.4%DVNSPY (S&P 500)VLOCOPEOGFANGMPLXSMOXYMTDRSLBNOGPROVVMURAREQTCRC
All figures
InvestmentAnnual returnVolatility
VLO Valero Energy Corporation+44.2%36.9%
PR Permian Resources Corporation+33.1%47.1%
MPLX MPLX Lp+23.5%18.8%
EQT EQT Corporation+22.4%40.9%
COP ConocoPhillips+18.2%32.6%
FANG Diamondback Energy, Inc.+17.6%36.6%
CHRD Chord Energy Corporation+16.7%39.1%
EOG EOG Resources, Inc.+16.6%32.3%
APA APA Corporation+16.2%47.6%
OXY Occidental Petroleum Corporation+15.2%37.9%
OVV Ovintiv Inc.+14.8%44.8%
AR Antero Resources Corporation+13.4%46.7%
OKE ONEOK, Inc.+13.3%28.0%
RRC Range Resources Corporation+13.3%43.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MUR Murphy Oil Corporation+11.8%45.0%
SLB Slb N.V.+10.0%37.5%
DVN This pageDevon Energy Corporation+9.3%39.9%
NOG Northern Oil and Gas, Inc.+7.1%48.2%
HAL Halliburton Company+6.9%39.4%
MTDR Matador Resources Company+6.9%46.3%
SM SM Energy Company+6.9%52.8%
CRC California Resources Corp+6.8%39.1%
MGY Magnolia Oil & Gas Corporation+6.3%38.9%
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Has DVN consistently beaten its popular alternatives?

This section compares DVN with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than DVN helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than DVN over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
DVN Devon Energy Corporation (this page)—+5.9%+15.8%+13.6%+35.6%+61.8%+15.0%+56.0%+69.6%39.9%0.42−88.5%—$55B—
VLO QualifiedValero Energy Corporation5/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
COP QualifiedConocoPhillips5/5 short3/3 longAll-weather+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
PR QualifiedPermian Resources Corporation5/5 short3/3 longAll-weather+13.1%+23.3%+28.6%+76.5%+108%+86.6%+317%+99.2%47.1%0.85−98.9%—$21B—
EOG QualifiedEOG Resources, Inc.3/5 short3/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
OVV QualifiedOvintiv Inc.5/5 short2/3 long+16.8%+22.2%+32.8%+76.3%+98.3%+52.5%+99.6%+56.0%44.8%0.54−96.8%—$19B—
APA QualifiedAPA Corporation5/5 short2/3 long+13.9%+44.2%+40.6%+101%+130%+31.9%+111%+0.9%47.6%0.56−93.5%—$17B—
MUR QualifiedMurphy Oil Corporation3/5 short2/3 long+19.1%+18.2%+18.3%+36.6%+62.7%+2.9%+74.9%+109%45.0%0.48−86.1%—$6.2B—
FANG Oil & Gas Exploration & ProductionDiamondback Energy, Inc.1/5 short3/3 long+6.9%+4.2%+11.6%+35.1%+46.8%+35.7%+125%+160%36.6%0.63−88.7%—$57B—
MPLX Oil & Gas MidstreamMPLX Lp0/5 short3/3 long−1.2%+4.1%+8.8%+14.7%+27.2%+105%+187%+350%18.8%1.22−75.2%—$59B—
OKE Oil & Gas MidstreamONEOK, Inc.0/5 short3/3 long+1.1%+0.4%+13.5%+29.6%+42.8%+59.9%+86.8%+233%28.0%0.59−80.2%—$59B—
AR Oil & Gas Exploration & ProductionAntero Resources Corporation2/5 short2/3 long+14.3%+16.9%+6.2%+13.5%+21.9%+38.8%+87.2%+42.8%46.7%0.50−97.5%—$12B—
RRC Oil & Gas Exploration & ProductionRange Resources Corporation2/5 short2/3 long+15.4%+19.3%+6.6%+24.5%+18.7%+30.6%+86.3%+20.8%43.2%0.51−94.9%—$10B—
EQT Oil & Gas Exploration & ProductionEQT Corporation1/5 short2/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
SM Oil & Gas Exploration & ProductionSM Energy Company5/5 short1/3 long+11.8%+24.9%+46.1%+108%+88.7%−1.4%+39.5%+123%52.8%0.39−94.7%—$9.2B—
CHRD Oil & Gas Exploration & ProductionChord Energy Corporation5/5 short1/3 long+9.2%+19.2%+21.9%+65.3%+77.0%+4.9%+117%—39.1%0.59−53.9%—$8.3B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation3/5 short1/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
CRC Oil & Gas Exploration & ProductionCalifornia Resources Corp0/5 short1/3 long+2.9%+4.6%−11.5%+19.5%+18.9%+9.2%+38.7%+397%39.1%0.36−98.1%—$4.8B—
MTDR Oil & Gas Exploration & ProductionMatador Resources Company0/5 short1/3 long+6.2%+8.3%+3.2%+35.4%+36.6%−5.3%+39.7%+168%46.3%0.38−96.5%—$7.1B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short1/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
MGY Oil & Gas Exploration & ProductionMagnolia Oil & Gas Corporation0/5 short1/3 long+4.9%+0.4%−7.8%+15.5%+14.0%+18.4%+35.9%—38.9%0.35−77.8%—$6.0B—
NOG Oil & Gas Exploration & ProductionNorthern Oil and Gas, Inc.3/5 short0/3 long+18.1%+32.3%+16.3%+32.6%+39.8%−16.6%+40.8%+41.7%48.2%0.38−92.2%—$2.9B—
HAL Oil & Gas Equipment & ServicesHalliburton Company0/5 short0/3 long+0.6%−3.9%−7.6%+15.0%+51.5%−14.7%+39.8%−17.1%39.4%0.37−91.5%—$28B—
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How did DVN do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where DVN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with DVN and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of DVN; gray means the two finished within a fraction of a point. The rank row places DVN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of DVN20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
DVN This pageDevon Energy Corporation—+15.0%−25.2%−21.8%+50.9%+196%−35.2%+16.7%−45.1%−8.8%+45.0%−46.6%+0.4%+20.7%−15.0%−20.3%+7.8%+13.1%−25.6%+33.5%+8.1%+61.6%+36.7%+25.4%+19.3%−36.4%+86.3%+7.8%−19.8%+11.3%
Rank among alternativesTop quarter in 5 of 294 of 2321 of 2322 of 2315 of 236 of 239 of 215 of 2219 of 2213 of 218 of 2014 of 206 of 1915 of 1812 of 1512 of 1511 of 1513 of 153 of 159 of 146 of 145 of 149 of 1411 of 143 of 1412 of 138 of 139 of 135 of 1310 of 13
SPY S&P 500State Street SPDR S&P 500 ETF20 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
VLO Valero Energy Corporation18 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
COP ConocoPhillips17 of 29−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
PR Permian Resources Corporation5 of 9+1.9%+10.8%+49.5%+57.7%+299%−67.6%−58.0%−44.4%+0.4%————————————————————
EOG EOG Resources, Inc.17 of 29−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%−5.5%+47.4%−25.0%+43.6%−14.6%+106%+55.3%+16.1%+2.5%−28.1%+212%+2.5%−18.0%−15.5%
OVV Ovintiv Inc.11 of 24−0.3%−5.2%−10.9%+53.3%+138%−34.8%−17.6%−56.4%+14.2%+132%−62.1%−22.0%−5.2%+10.8%−34.3%−7.8%+697%−28.6%+51.8%+3.3%+60.1%+47.1%+29.4%+22.0%—————
APA APA Corporation11 of 29+11.5%−33.5%−21.2%+76.4%+90.7%−43.7%+1.1%−36.4%−32.2%+45.7%−27.7%−26.3%+10.5%−12.7%−23.6%+16.3%+39.5%−30.2%+62.9%−2.3%+36.2%+25.4%+50.3%+15.2%−21.2%+90.5%+47.1%−27.2%+0.7%
MUR Murphy Oil Corporation14 of 29+8.7%−26.8%+2.0%+68.6%+121%−52.8%+19.5%−22.1%+3.4%+46.0%−53.9%−20.3%+29.1%+14.1%−23.8%+40.2%+24.4%−47.0%+68.7%−4.8%+35.4%+24.7%+55.0%+3.9%+42.1%+7.9%+43.7%−21.5%+12.9%
FANG Diamondback Energy, Inc.8 of 13−5.6%+10.3%+19.7%+35.4%+127%−46.0%+0.9%−26.4%+24.9%+51.1%+11.9%+13.0%+177%————————————————
MPLX MPLX Lp9 of 13+20.6%+41.7%+22.5%+21.1%+54.0%−1.8%−8.2%−8.4%+8.9%−6.3%−44.8%+69.0%+46.9%————————————————
OKE ONEOK, Inc.16 of 29−22.9%+50.1%+13.2%+18.9%+64.7%−43.5%+47.8%+6.3%−2.1%+150%−47.4%−5.3%+49.6%+1.5%+61.2%+29.3%+61.2%−32.4%+6.9%+67.9%−2.8%+33.5%+19.0%+11.7%−23.6%+100%−27.7%−7.3%+39.3%
AR Antero Resources Corporation4 of 12−1.7%+54.5%−26.8%+77.1%+221%+91.2%−69.7%−50.6%−19.7%+8.5%−46.3%−36.0%—————————————————
RRC Range Resources Corporation14 of 29−1.0%+19.3%+23.0%+41.1%+166%+38.1%−48.7%−43.6%−50.2%+40.0%−53.8%−36.5%+34.5%+1.7%+38.1%−9.5%+45.5%−32.8%+87.7%+4.6%+93.7%+117%+75.0%+18.7%−33.7%+115%−6.3%−78.2%−4.6%
EQT EQT Corporation18 of 29+17.6%+21.4%+16.2%+57.6%+71.6%+17.3%−41.9%−38.7%−12.8%+25.7%−31.1%−15.6%+52.5%+9.4%+24.2%+4.3%+34.0%−35.9%+29.9%+16.4%+24.0%+45.4%+25.5%+5.0%+3.7%+105%+19.0%−14.3%+23.8%
SM SM Energy Company15 of 29−49.7%+1.8%+13.1%+18.6%+382%+10.2%−26.1%−29.3%−35.3%+76.5%−48.8%−53.5%+59.6%−28.3%+24.3%+73.0%+70.1%−47.1%+5.4%+0.5%+77.6%+47.3%+15.0%+19.1%−35.8%+171%+35.4%−45.9%+43.0%
CHRD Chord Energy Corporation2 of 5−16.4%−25.0%+31.8%+34.1%+261%————————————————————————
OXY Occidental Petroleum Corporation18 of 29−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%+22.7%+38.4%−20.7%+60.2%+24.2%+39.2%+41.3%+53.1%+11.0%+13.4%+17.7%+35.7%−39.8%+30.3%
CRC California Resources Corp3 of 10−10.8%−2.6%+28.9%+3.7%+81.8%—−47.0%−12.3%−8.7%−8.6%−57.7%——————————————————
MTDR Matador Resources Company9 of 13−22.3%+0.4%+0.5%+55.8%+207%−32.9%+15.7%−50.1%+20.9%+30.3%−2.3%+8.5%+127%————————————————
SLB Slb N.V.15 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
MGY Magnolia Oil & Gas Corporation3 of 8−3.8%+12.2%−7.3%+26.5%+169%−43.9%+12.3%+15.0%—————————————————————
NOG Northern Oil and Gas, Inc.8 of 18−38.2%+4.9%+25.6%+54.5%+137%−62.6%+3.6%+10.2%−25.5%−28.8%−31.7%−62.5%−10.4%−29.9%−11.9%+130%+355%−62.6%———————————
HAL Halliburton Company16 of 29+7.0%−23.2%−6.5%+74.5%+22.0%−21.2%−4.9%−44.6%−8.9%+61.7%−11.9%−21.6%+47.9%+1.6%−14.8%+37.3%+68.3%−51.5%+23.3%+1.1%+59.4%+53.4%+42.1%+47.2%−63.3%−8.9%+37.7%−42.1%+74.5%
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Risk and diversification

How DVN has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were DVN's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents DVN's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means DVN fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringDVN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−94.9%+115%May 2008Mar 202011.8 yearsNot yet—
No named crash−72.5%—Feb 1987Jul 198817 monthsFeb 19897 months
No named crash−57.1%+28.7%Oct 1997Feb 199916 monthsMar 200013 months
Dot-com bust−52.9%−17.0%Mar 2001Sep 20016 monthsJun 20042.8 years
No named crash−49.1%—Sep 1990Jan 199216 monthsAug 19927 months

How did DVN do in stock market crashes?

This section measures how far DVN, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than DVN.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
DVN This pageDevon Energy Corporation—−8.3%−33.6%−75.9%−49.4%−13.4%−55.2%−36.6%−2.3%−68.6%−52.9%
SPY S&P 500State Street SPDR S&P 500 ETF10 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VLO Valero Energy Corporation7 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
COP ConocoPhillips10 of 10−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
PR Permian Resources Corporation1 of 5−8.2%−44.3%−90.1%−55.9%−7.9%—————
EOG EOG Resources, Inc.8 of 10−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
OVV Ovintiv Inc.3 of 9−9.6%−36.5%−86.4%−62.0%−11.9%−63.3%−38.5%−0.1%−63.9%—
APA APA Corporation4 of 10−10.3%−40.1%−84.9%−48.2%−13.1%−36.1%−40.5%−2.5%−64.8%−47.1%
MUR Murphy Oil Corporation5 of 10−7.9%−40.4%−79.1%−37.6%−10.7%−52.4%−39.3%−2.5%−63.0%−34.3%
FANG Diamondback Energy, Inc.4 of 6−7.7%−33.5%−80.3%−38.7%−9.8%−29.3%————
MPLX MPLX Lp5 of 6−1.2%−18.4%−64.6%−17.9%−4.5%−66.8%————
OKE ONEOK, Inc.9 of 10−5.1%−29.2%−80.2%−25.5%−5.9%−51.3%−21.0%−0.8%−63.1%−42.0%
AR Antero Resources Corporation3 of 6−8.4%−40.3%−56.2%−53.4%−8.9%−31.6%————
RRC Range Resources Corporation7 of 10−5.4%−35.8%−40.6%−48.9%−7.8%−47.4%−21.8%−5.1%−64.1%−42.2%
EQT EQT Corporation7 of 10−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
SM SM Energy Company3 of 10−3.6%−44.1%−77.1%−59.5%−11.8%−76.4%−31.1%−3.4%−82.0%−57.0%
CHRD Chord Energy Corporation1 of 2−5.9%−35.8%————————
OXY Occidental Petroleum Corporation9 of 10−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
CRC California Resources Corp2 of 6−8.3%−28.5%−66.3%−72.2%−14.1%−87.6%————
MTDR Matador Resources Company1 of 6−9.5%−34.6%−90.8%−58.7%−10.3%−54.8%————
SLB Slb N.V.5 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
MGY Magnolia Oil & Gas Corporation4 of 5−6.6%−38.1%−63.6%−33.6%−0.6%—————
NOG Northern Oil and Gas, Inc.1 of 9−8.3%−39.0%−65.5%−55.0%−26.7%−57.7%−45.7%−4.8%−86.7%—
HAL Halliburton Company3 of 10−10.2%−45.5%−79.1%−40.0%−10.5%−32.7%−49.8%−4.3%−75.0%−82.8%
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How closely does DVN move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares DVN with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than DVN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
DVN This pageDevon Energy Corporation118%199%0.591.80
VLO Valero Energy Corporation142%114%1.241.31
MPLX MPLX Lp87%76%1.141.16
COP ConocoPhillips94%92%1.020.91
OKE ONEOK, Inc.103%126%0.821.38
FANG Diamondback Energy, Inc.108%148%0.731.54
EOG EOG Resources, Inc.92%135%0.691.17
MTDR Matador Resources Company156%239%0.652.70
SM SM Energy Company154%244%0.633.21
MUR Murphy Oil Corporation138%225%0.611.79
EQT EQT Corporation62%101%0.610.90
PR Permian Resources Corporation139%234%0.593.38
OVV Ovintiv Inc.131%228%0.582.14
AR Antero Resources Corporation80%142%0.562.44
NOG Northern Oil and Gas, Inc.123%228%0.541.68
RRC Range Resources Corporation63%123%0.511.48
OXY Occidental Petroleum Corporation80%155%0.511.24
APA APA Corporation124%246%0.502.54
HAL Halliburton Company113%225%0.501.75
SLB Slb N.V.104%212%0.491.54
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What diversifies DVN?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with DVN's. Because such investments tend not to fall at the same time, pairing DVN with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which DVN lost money. The last two columns show a portfolio that is 80% DVN and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202320202018201720152012201120082001199880/20 mix volatility80/20 mix annual return
DVN Devon Energy Corporation (this page)1.00+56.0%0.42−25.2%−21.8%−35.2%−45.1%−8.8%−46.6%−15.0%−20.3%−25.6%−36.4%−19.8%36.8%+10.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.40+119%1.48+15.9%+17.4%−9.0%−5.2%+10.0%——————30.3%+12.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+29.8%+42.0%+3.9%−19.8%+22.8%+7.7%+19.6%−16.1%−20.8%——29.9%+14.8%
SMH TechnologyVanEck Semiconductor ETF-0.01+323%0.97+39.1%+73.4%+55.5%−9.1%+38.5%−0.3%+8.6%+6.8%−44.7%−14.6%—30.2%+17.7%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.21+85.0%0.96+13.4%+20.1%+2.1%−9.5%+16.7%+4.1%+20.9%————30.0%+12.2%
GLD CommoditiesSPDR Gold Shares0.06+126%0.96+26.7%+12.7%+24.8%−1.9%+12.8%−10.7%+6.6%+9.6%+4.9%——29.9%+13.3%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.11+136%0.93+45.8%+17.6%+28.2%−0.9%+27.8%——————30.2%+14.0%
DFIV InternationalDimensional - International Value ETF0.42+99.4%0.93+7.2%+17.7%—————————30.9%+12.4%
VTV Broad MarketVanguard Morningstar Value ETF0.47+76.6%0.90+16.0%+9.3%+2.3%−5.5%+17.1%−1.0%+15.2%+1.1%−35.9%——30.9%+11.7%

Stocks

InvestmentCorrelation5Y returnSharpe2024202320202018201720152012201120082001199880/20 mix volatility80/20 mix annual return
DVN Devon Energy Corporation (this page)1.00+56.0%0.42−25.2%−21.8%−35.2%−45.1%−8.8%−46.6%−15.0%−20.3%−25.6%−36.4%−19.8%36.8%+10.4%
CAH Medical - DistributionCardinal Health, Inc.0.13+479%1.55+19.0%+34.1%+10.1%−24.5%−12.7%+12.6%+3.8%+8.1%−39.6%−2.5%+51.7%30.6%+17.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.09+3,143%1.47+215%+160%−2.4%−16.3%−11.6%−6.0%+11.2%−24.4%−20.5%−25.6%—32.6%+29.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.11+1,636%1.46+107%+79.6%+6.7%+0.8%+32.1%+67.7%+15.7%−17.0%−15.2%+73.7%−9.5%31.8%+25.8%
MCK Medical - DistributionMcKesson Corporation0.32+413%1.44+23.7%+24.1%+27.1%−28.4%+12.0%−4.5%+25.6%+11.8%−40.4%+4.9%+46.9%31.4%+16.2%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.17+594%1.36+103%+37.8%−7.2%−37.5%+48.4%−36.3%+2.9%−42.9%−67.4%+9.8%+7.0%31.4%+19.2%
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Common questions

What was DVN's worst drawdown?

DVN's deepest decline since it began trading in 1986 was 94.9%, from May 2008 to March 2020. It has not yet climbed back to that peak.

What were DVN's best and worst years?

Over 29 full calendar years, DVN's best year was 2021, when it returned 196%. Its worst was 2015, with a return of -46.6%.

Is there a better investment than DVN?

Among DVN's popular alternatives, VLO, COP and MPLX earned more than DVN with less volatility over the past 5 years. VLO returned 44.2% a year at 36.9% volatility, against 9.3% a year at 39.9%. Looking beyond its popular alternatives, MPC (oil & gas) and XOM (integrated oil & gas) earned more than DVN with less volatility over the past 5 years. MPC returned 51.2% a year at 33.4% volatility, against 9.3% a year at 39.9%.

Is DVN more volatile than the S&P 500?

Yes. DVN's volatility over the past 5 years was 39.9%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, DVN's return lands within 39.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is DVN's Sharpe ratio?

DVN's Sharpe ratio over the past 5 years was 0.42, against 0.79 for the S&P 500, so DVN earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is DVN with the S&P 500?

Over the past 5 years, DVN's monthly returns had a correlation of 0.22 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against DVN instead: the lower it is, the more that option would diversify a DVN holding.

What are the best alternatives to DVN?

Of the 22 popular alternatives we compared, seven outperformed DVN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO, COP and PR.

Did DVN outperform the S&P 500?

DVN finished ahead of the S&P 500 (SPY) in nine of 29 full calendar years. In 2025, it returned +15.0%, against +17.7% for the index.

How did DVN do in stock market crashes?

DVN fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in ten. The clearest case was the 2015 China and oil sell-off, when DVN fell 55.2% and the S&P 500 fell 12.8%.

What diversifies DVN?

These had a low correlation with DVN over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.40), DXJ (correlation 0.12) and SMH (correlation -0.01); among large stocks, CAH (correlation 0.13), CLS (correlation 0.09) and FIX (correlation 0.11). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to DVN

Other stocks and ETFs