AGG vs COP: Correlation
iShares Core US Aggregate Bond ETF (AGG) and ConocoPhillips (COP) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and COP?
On 3 years of weekly data the AGG/COP correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.58) than the 3-year average (-0.22). The 5-year figure is -0.14, and annualized covariance runs at -33.3 %².
Among the 34 assets we track against AGG, COP ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with COP ahead by 34.2 points (+2.3% versus +36.5%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.58 to 0.11. One caveat on sizing: COP is 5.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
AGG vs COP: side by side
| AGG (iShares Core US Aggregate Bond ETF) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +2.3% | +36.5% |
| 5-year return | -1.1% | +175.2% |
| Volatility (ann.) | 5.3% | 29.1% |
| Beta vs S&P 500 | 0.07 | 0.25 |
| Max drawdown (3Y) | -4.8% | -36.3% |
| Market cap | – | $155.6B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 4.05% | 2.53% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | Energy |
On the fund side, AGG sits in the Intermediate Core Bond category at iShares, with $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | COP |
|---|---|---|
| 2022 | -13.0% | +71.7% |
| 2023 | +5.7% | +2.0% |
| 2024 | +1.3% | -12.2% |
| 2025 | +7.2% | -2.3% |
| 2026 | +0.3% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG 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 AGG and COP?
As of 2026-08-27, the correlation of weekly returns between AGG and COP is -0.22 over 3 years, -0.58 over 1 year and -0.14 over 5 years.
Is COP a good diversifier for AGG?
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: AGG correlations · COP correlations
