BP vs OXY: Correlation
How closely do BP p.l.c. (BP) and Occidental Petroleum (OXY) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BP and OXY?
On 3 years of weekly data the BP/OXY correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 603.0 %².
Among the 26 assets we track against BP, OXY ranks #4 by 3-year correlation. Neither side won the trailing year by much: +27.6% against +28.9%.
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.
BP vs OXY: side by side
| BP (BP p.l.c.) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +27.6% | +28.9% |
| 5-year return | +119.9% | +150.8% |
| Volatility (ann.) | 26.6% | 30.6% |
| Beta vs S&P 500 | 0.06 | 0.13 |
| Max drawdown (3Y) | -30.6% | -46.9% |
| Market cap | $109.0B | $59.1B |
| P/E (trailing) | 20.3 | 17.3 |
| Dividend yield | 0.79% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | BP | OXY |
|---|---|---|
| 2022 | +37.0% | +119.1% |
| 2023 | +6.0% | -4.1% |
| 2024 | -11.8% | -15.9% |
| 2025 | +24.5% | -14.9% |
| 2026 | +26.4% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BP and OXY good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BP and OXY?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.76 over the last year and 0.56 over 5 years.
Is OXY a good diversifier for BP?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BP correlations · OXY correlations
