BKR vs COP: Correlation
Measured on weekly returns over the past three years, Baker Hughes (BKR) and ConocoPhillips (COP) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and COP?
On 3 years of weekly data the BKR/COP correlation comes out at 0.56, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.56). The 5-year figure is 0.59, and annualized covariance runs at 530.4 %².
By 3-year correlation, COP places #17 of the 30 assets tracked against BKR. Their 12-month results are close: +40.9% for BKR against +36.5% for COP. On a rolling one-year basis the correlation drifted between 0.42 and 0.71, a moderate band.
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.
BKR vs COP: side by side
| BKR (Baker Hughes) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +40.9% | +36.5% |
| 5-year return | +205.5% | +175.2% |
| Volatility (ann.) | 32.2% | 29.1% |
| Beta vs S&P 500 | 0.61 | 0.25 |
| Max drawdown (3Y) | -28.0% | -36.3% |
| Market cap | $61.7B | $155.6B |
| P/E (trailing) | 19.9 | 17.3 |
| Dividend yield | 1.48% | 2.53% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | BKR | COP |
|---|---|---|
| 2022 | +26.0% | +71.7% |
| 2023 | +18.6% | +2.0% |
| 2024 | +23.1% | -12.2% |
| 2025 | +13.4% | -2.3% |
| 2026 | +37.9% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and COP good diversifiers for each other?
Only partially. A correlation of 0.56 means BKR and COP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BKR and COP?
As of 2026-08-27, the correlation of weekly returns between BKR and COP is 0.56 over 3 years, 0.43 over 1 year and 0.59 over 5 years.
Is COP a good diversifier for BKR?
Only partially. A correlation of 0.56 means BKR and COP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BKR correlations · COP correlations
