AAL vs COP: Correlation
How closely do American Airlines Group, Inc. (AAL) and ConocoPhillips (COP) trade together? Their weekly returns over three years give a correlation of -0.22, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and COP?
Across a 3-year window, the weekly returns of AAL and COP correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.54) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.04, with an annualized covariance of -284.8 %².
Within AAL's tracked universe of 22 assets, COP comes in at #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with COP ahead by 32.0 points (+4.5% versus +36.5%). Note the risk asymmetry: AAL runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AAL vs COP: side by side
| AAL (American Airlines Group, Inc.) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +4.5% | +36.5% |
| 5-year return | -29.7% | +175.2% |
| Volatility (ann.) | 45.3% | 29.1% |
| Beta vs S&P 500 | 1.29 | 0.25 |
| Max drawdown (3Y) | -51.4% | -36.3% |
| Market cap | $9.1B | $155.6B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 0.00% | 2.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | AAL | COP |
|---|---|---|
| 2022 | -29.2% | +71.7% |
| 2023 | +8.0% | +2.0% |
| 2024 | +26.9% | -12.2% |
| 2025 | -12.0% | -2.3% |
| 2026 | -10.5% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and COP good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAL and COP?
As of 2026-08-27, the correlation of weekly returns between AAL and COP is -0.22 over 3 years, -0.54 over 1 year and -0.04 over 5 years.
Is COP a good diversifier for AAL?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AAL correlations · COP correlations
