CF vs COP: Correlation
How closely do CF Industries (CF) and ConocoPhillips (COP) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and COP?
Over the past 3 years, CF and COP moved with a correlation of 0.61, which is strong. The link has tightened recently: the 1-year correlation (0.72) runs above the 3-year figure (0.61). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 579.3 %².
COP is one of the assets that tracks CF most closely: it ranks #2 out of the 50 assets we track against CF. On 12-month performance CF holds a 12.1-point edge, +48.6% against +36.5%. The rolling one-year correlation stayed in a tight band between 0.44 and 0.69 over the past three years, which points to a structural rather than episodic relationship.
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.
CF vs COP: side by side
| CF (CF Industries) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | +48.6% | +36.5% |
| 5-year return | +211.5% | +175.2% |
| Volatility (ann.) | 32.8% | 29.1% |
| Beta vs S&P 500 | -0.20 | 0.25 |
| Max drawdown (3Y) | -29.2% | -36.3% |
| Market cap | $19.0B | $155.6B |
| P/E (trailing) | 9.3 | 17.3 |
| Dividend yield | 1.59% | 2.53% |
| Sector / category | Materials | Energy |
Year-by-year returns
| Year | CF | COP |
|---|---|---|
| 2022 | +22.3% | +71.7% |
| 2023 | -4.7% | +2.0% |
| 2024 | +10.1% | -12.2% |
| 2025 | -7.2% | -2.3% |
| 2026 | +64.9% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and COP good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CF and COP?
The CF/COP correlation stands at 0.61 on a 3-year window (1 year: 0.72, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is COP a good diversifier for CF?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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: CF correlations · COP correlations
