CF vs OXY: Correlation
Measured on weekly returns over the past three years, CF Industries (CF) and Occidental Petroleum (OXY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and OXY?
Across a 3-year window, the weekly returns of CF and OXY correlate at 0.57, moderate. The link has tightened recently: the 1-year correlation (0.71) runs above the 3-year figure (0.57). Stretching to 5 years gives 0.51, with an annualized covariance of 568.2 %².
Among the 50 assets we track against CF, OXY ranks #11 by 3-year correlation. The last year tells two different stories: CF led by 19.7 percentage points, +48.6% for CF against +28.9% for OXY. The rolling one-year correlation moved between 0.32 and 0.68 over the past three years, a moderate range.
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 OXY: side by side
| CF (CF Industries) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +48.6% | +28.9% |
| 5-year return | +211.5% | +150.8% |
| Volatility (ann.) | 32.8% | 30.6% |
| Beta vs S&P 500 | -0.20 | 0.13 |
| Max drawdown (3Y) | -29.2% | -46.9% |
| Market cap | $19.0B | $59.1B |
| P/E (trailing) | 9.3 | 17.3 |
| Dividend yield | 1.59% | 1.71% |
| Sector / category | Materials | Energy |
Year-by-year returns
| Year | CF | OXY |
|---|---|---|
| 2022 | +22.3% | +119.1% |
| 2023 | -4.7% | -4.1% |
| 2024 | +10.1% | -15.9% |
| 2025 | -7.2% | -14.9% |
| 2026 | +64.9% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and OXY good diversifiers for each other?
To a limited degree. At 0.57 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 OXY?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.71 over the last year and 0.51 over 5 years.
Is OXY a good diversifier for CF?
To a limited degree. At 0.57 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 0.57 mean?
On the −1 to +1 scale, 0.57 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cf-vs-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cf-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CF correlations · OXY correlations
