COP vs FANG: Correlation
How closely do ConocoPhillips (COP) and Diamondback Energy (FANG) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and FANG?
Over the past 3 years, COP and FANG moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Over 5 years the correlation is 0.88, and the annualized covariance of weekly returns is 815.0 %².
Within COP's tracked universe of 40 assets, FANG comes in at #6 by 3-year correlation. Neither side won the trailing year by much: +36.5% against +39.6%. The rolling one-year correlation moved between 0.61 and 0.91 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.
COP vs FANG: side by side
| COP (ConocoPhillips) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +36.5% | +39.6% |
| 5-year return | +175.2% | +224.9% |
| Volatility (ann.) | 29.1% | 34.1% |
| Beta vs S&P 500 | 0.25 | 0.32 |
| Max drawdown (3Y) | -36.3% | -42.1% |
| Market cap | $155.6B | $56.1B |
| P/E (trailing) | 17.3 | 38.0 |
| Dividend yield | 2.53% | 2.13% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | FANG |
|---|---|---|
| 2022 | +71.7% | +35.3% |
| 2023 | +2.0% | +19.7% |
| 2024 | -12.2% | +10.3% |
| 2025 | -2.3% | -5.6% |
| 2026 | +41.4% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and FANG good diversifiers for each other?
No: a correlation of 0.82 means COP and FANG tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between COP and FANG?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.86 over the last year and 0.88 over 5 years.
Is FANG a good diversifier for COP?
No: a correlation of 0.82 means COP and FANG tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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
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Related comparisons
Hubs: COP correlations · FANG correlations
