APA vs COP: Correlation
APA Corporation (APA) and ConocoPhillips (COP) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and COP?
On 3 years of weekly data the APA/COP correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.80 over 3. The 5-year figure is 0.83, and annualized covariance runs at 971.7 %².
By 3-year correlation, COP places #5 of the 43 assets tracked against APA. The last year tells two different stories: APA led by 57.6 percentage points, +94.1% for APA against +36.5% for COP. The link looks structural: the rolling one-year correlation barely moved, holding between 0.67 and 0.87.
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.
APA vs COP: side by side
| APA (APA Corporation) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +94.1% | +36.5% |
| 5-year return | +164.2% | +175.2% |
| Volatility (ann.) | 41.8% | 29.1% |
| Beta vs S&P 500 | 0.38 | 0.25 |
| Max drawdown (3Y) | -67.4% | -36.3% |
| Market cap | $14.8B | $155.6B |
| P/E (trailing) | 8.7 | 17.3 |
| Dividend yield | 2.43% | 2.53% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | APA | COP |
|---|---|---|
| 2022 | +76.4% | +71.7% |
| 2023 | -21.2% | +2.0% |
| 2024 | -33.4% | -12.2% |
| 2025 | +11.5% | -2.3% |
| 2026 | +77.3% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and COP good diversifiers for each other?
No. With a correlation of 0.80, APA and COP move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between APA and COP?
The APA/COP correlation stands at 0.80 on a 3-year window (1 year: 0.82, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is COP a good diversifier for APA?
No. With a correlation of 0.80, APA and COP move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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: APA correlations · COP correlations
