COP vs MTDR: Correlation
How closely do ConocoPhillips (COP) and Matador Resources Company (MTDR) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and MTDR?
Across a 3-year window, the weekly returns of COP and MTDR correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.78 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 947.7 %².
Among the 40 assets we track against COP, MTDR ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with COP ahead by 19.1 points (+36.5% versus +17.4%).
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 MTDR: side by side
| COP (ConocoPhillips) | MTDR (Matador Resources Company) | |
|---|---|---|
| 1-year return | +36.5% | +17.4% |
| 5-year return | +175.2% | +115.7% |
| Volatility (ann.) | 29.1% | 40.3% |
| Beta vs S&P 500 | 0.25 | 0.49 |
| Max drawdown (3Y) | -36.3% | -46.8% |
| Market cap | $155.6B | $7.0B |
| P/E (trailing) | 17.3 | 9.7 |
| Dividend yield | 2.53% | 2.60% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | MTDR |
|---|---|---|
| 2022 | +71.7% | +55.8% |
| 2023 | +2.0% | +0.6% |
| 2024 | -12.2% | +0.4% |
| 2025 | -2.3% | -22.3% |
| 2026 | +41.4% | +36.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and MTDR good diversifiers for each other?
No: a correlation of 0.81 means COP and MTDR tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between COP and MTDR?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.78 over the last year and 0.83 over 5 years.
Is MTDR a good diversifier for COP?
No: a correlation of 0.81 means COP and MTDR tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
A reading of 0.81 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-mtdr.json
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[](https://www.pairbook.io/pair/cop-vs-mtdr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COP correlations · MTDR correlations
