COP vs DVN: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Devon Energy (DVN) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and DVN?
Over the past 3 years, COP and DVN moved with a correlation of 0.83, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.87, and the annualized covariance of weekly returns is 829.6 %².
Among the 40 assets we track against COP, DVN ranks #4 by 3-year correlation. Neither side won the trailing year by much: +36.5% against +35.9%. Stability stands out here, with the rolling one-year correlation confined to 0.76 through 0.90.
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 DVN: side by side
| COP (ConocoPhillips) | DVN (Devon Energy) | |
|---|---|---|
| 1-year return | +36.5% | +35.9% |
| 5-year return | +175.2% | +102.7% |
| Volatility (ann.) | 29.1% | 34.3% |
| Beta vs S&P 500 | 0.25 | 0.16 |
| Max drawdown (3Y) | -36.3% | -49.2% |
| Market cap | $155.6B | $51.8B |
| P/E (trailing) | 17.3 | 10.2 |
| Dividend yield | 2.53% | 2.22% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | DVN |
|---|---|---|
| 2022 | +71.7% | +50.9% |
| 2023 | +2.0% | -21.8% |
| 2024 | -12.2% | -25.2% |
| 2025 | -2.3% | +15.0% |
| 2026 | +41.4% | +30.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and DVN good diversifiers for each other?
No: a correlation of 0.83 means COP and DVN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between COP and DVN?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.84 over the last year and 0.87 over 5 years.
Is DVN a good diversifier for COP?
No: a correlation of 0.83 means COP and DVN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cop-vs-dvn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cop-vs-dvn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · DVN correlations
