COP vs MPC: Correlation
ConocoPhillips (COP) and Marathon Petroleum (MPC) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and MPC?
Over the past 3 years, COP and MPC moved with a correlation of 0.66, which is strong. Little has changed lately, as the 1-year reading of 0.62 lands near the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 659.1 %².
Within COP's tracked universe of 40 assets, MPC comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MPC outperformed by 71.3 percentage points (+36.5% for COP against +107.8% for MPC). The link looks structural: the rolling one-year correlation barely moved, holding between 0.53 and 0.76.
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 MPC: side by side
| COP (ConocoPhillips) | MPC (Marathon Petroleum) | |
|---|---|---|
| 1-year return | +36.5% | +107.8% |
| 5-year return | +175.2% | +589.6% |
| Volatility (ann.) | 29.1% | 34.2% |
| Beta vs S&P 500 | 0.25 | 0.48 |
| Max drawdown (3Y) | -36.3% | -44.7% |
| Market cap | $155.6B | $102.1B |
| P/E (trailing) | 17.3 | 12.6 |
| Dividend yield | 2.53% | 1.10% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | MPC |
|---|---|---|
| 2022 | +71.7% | +86.6% |
| 2023 | +2.0% | +30.5% |
| 2024 | -12.2% | -4.1% |
| 2025 | -2.3% | +19.2% |
| 2026 | +41.4% | +126.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and MPC good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between COP and MPC?
The COP/MPC correlation stands at 0.66 on a 3-year window (1 year: 0.62, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is MPC a good diversifier for COP?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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-mpc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cop-vs-mpc/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · MPC correlations
