COP vs EOG: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and EOG Resources (EOG) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and EOG?
On 3 years of weekly data the COP/EOG correlation comes out at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.85) sits close to the 3-year figure. The 5-year figure is 0.88, and annualized covariance runs at 687.6 %².
In COP's tracked universe of 40 assets, EOG sits right near the top at #3. Over the last 12 months COP came out ahead by 14.8 percentage points (+36.5% against +21.7%). The rolling one-year correlation stayed in a tight band between 0.75 and 0.92 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.
COP vs EOG: side by side
| COP (ConocoPhillips) | EOG (EOG Resources) | |
|---|---|---|
| 1-year return | +36.5% | +21.7% |
| 5-year return | +175.2% | +171.5% |
| Volatility (ann.) | 29.1% | 28.1% |
| Beta vs S&P 500 | 0.25 | 0.14 |
| Max drawdown (3Y) | -36.3% | -23.7% |
| Market cap | $155.6B | $75.8B |
| P/E (trailing) | 17.3 | 11.3 |
| Dividend yield | 2.53% | 2.82% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | EOG |
|---|---|---|
| 2022 | +71.7% | +56.9% |
| 2023 | +2.0% | -2.0% |
| 2024 | -12.2% | +4.3% |
| 2025 | -2.3% | -11.4% |
| 2026 | +41.4% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and EOG good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between COP and EOG?
As of 2026-08-27, the correlation of weekly returns between COP and EOG is 0.84 over 3 years, 0.85 over 1 year and 0.88 over 5 years.
Is EOG a good diversifier for COP?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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/cop-vs-eog.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-eog/)
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Related comparisons
Hubs: COP correlations · EOG correlations
