COP vs IEF: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and iShares 7-10 Year Treasury Bond ETF (IEF) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and IEF?
On 3 years of weekly data the COP/IEF correlation comes out at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.58 versus -0.25 over 3 years. The 5-year figure is -0.18, and annualized covariance runs at -46.9 %².
Out of 40 assets tracked against COP, IEF lands near the bottom at #38. The last year tells two different stories: COP led by 35.6 percentage points, +36.5% for COP against +0.9% for IEF. The relationship is regime-dependent: the rolling one-year correlation swung between -0.59 and 0.11 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: COP is 4.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 IEF: side by side
| COP (ConocoPhillips) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +36.5% | +0.9% |
| 5-year return | +175.2% | -7.9% |
| Volatility (ann.) | 29.1% | 6.5% |
| Beta vs S&P 500 | 0.25 | 0.04 |
| Max drawdown (3Y) | -36.3% | -6.9% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | Energy | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | COP | IEF |
|---|---|---|
| 2022 | +71.7% | -15.2% |
| 2023 | +2.0% | +3.6% |
| 2024 | -12.2% | -0.6% |
| 2025 | -2.3% | +8.0% |
| 2026 | +41.4% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and IEF good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between COP and IEF?
Using weekly returns as of 2026-08-27: -0.25 over 3 years, with -0.58 over the last year and -0.18 over 5 years.
Is IEF a good diversifier for COP?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cop-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COP correlations · IEF correlations
