COP vs CVX: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Chevron Corporation (CVX) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and CVX?
On 3 years of weekly data the COP/CVX correlation comes out at 0.77, strong. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 535.1 %².
Among the 40 assets we track against COP, CVX ranks #16 by 3-year correlation. Over the last 12 months COP came out ahead by 6.1 percentage points (+36.5% against +30.4%). Stability stands out here, with the rolling one-year correlation confined to 0.66 through 0.87.
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.
COP vs CVX: side by side
| COP (ConocoPhillips) | CVX (Chevron Corporation) | |
|---|---|---|
| 1-year return | +36.5% | +30.4% |
| 5-year return | +175.2% | +148.1% |
| Volatility (ann.) | 29.1% | 23.8% |
| Beta vs S&P 500 | 0.25 | 0.22 |
| Max drawdown (3Y) | -36.3% | -20.8% |
| Market cap | $155.6B | $391.9B |
| P/E (trailing) | 17.3 | 19.3 |
| Dividend yield | 2.53% | 3.49% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | CVX |
|---|---|---|
| 2022 | +71.7% | +58.5% |
| 2023 | +2.0% | -13.6% |
| 2024 | -12.2% | +1.3% |
| 2025 | -2.3% | +10.1% |
| 2026 | +41.4% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and CVX good diversifiers for each other?
Only partially. A correlation of 0.77 means COP and CVX 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 COP and CVX?
As of 2026-08-27, the correlation of weekly returns between COP and CVX is 0.77 over 3 years, 0.86 over 1 year and 0.81 over 5 years.
Is CVX a good diversifier for COP?
Only partially. A correlation of 0.77 means COP and CVX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
A reading of 0.77 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: COP correlations · CVX correlations
