BND vs COP: Correlation
Measured on weekly returns over the past three years, Vanguard Total Bond Market ETF (BND) and ConocoPhillips (COP) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and COP?
On 3 years of weekly data the BND/COP correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.59) than the 3-year average (-0.21). The 5-year figure is -0.14, and annualized covariance runs at -32.6 %².
Within BND's tracked universe of 33 assets, COP comes in at #21 by 3-year correlation. The last year tells two different stories: COP led by 34.2 percentage points, +2.3% for BND against +36.5% for COP. This link changes with the market regime, having swung between -0.59 and 0.12 on a rolling one-year basis. One caveat on sizing: COP is 5.6 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.
BND vs COP: side by side
| BND (Vanguard Total Bond Market ETF) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +2.3% | +36.5% |
| 5-year return | -1.3% | +175.2% |
| Volatility (ann.) | 5.2% | 29.1% |
| Beta vs S&P 500 | 0.06 | 0.25 |
| Max drawdown (3Y) | -4.7% | -36.3% |
| Market cap | – | $155.6B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | – | 2.53% |
| Sector / category | ETF · Bonds | Energy |
Year-by-year returns
| Year | BND | COP |
|---|---|---|
| 2022 | -13.1% | +71.7% |
| 2023 | +5.7% | +2.0% |
| 2024 | +1.4% | -12.2% |
| 2025 | +7.1% | -2.3% |
| 2026 | +0.2% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and COP good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BND and COP?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.59 over the last year and -0.14 over 5 years.
Is COP a good diversifier for BND?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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: BND correlations · COP correlations
