COP vs NOG: Correlation
ConocoPhillips (COP) and Northern Oil and Gas, Inc. (NOG) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and NOG?
Over the past 3 years, COP and NOG moved with a correlation of 0.79, which is strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.79 over 3. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 985.6 %².
Within COP's tracked universe of 40 assets, NOG comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months COP outperformed by 27.3 percentage points (+36.5% for COP against +9.2% for NOG).
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 NOG: side by side
| COP (ConocoPhillips) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +36.5% | +9.2% |
| 5-year return | +175.2% | +105.5% |
| Volatility (ann.) | 29.1% | 42.6% |
| Beta vs S&P 500 | 0.25 | 0.55 |
| Max drawdown (3Y) | -36.3% | -55.1% |
| Market cap | $155.6B | $2.8B |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 6.92% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | NOG |
|---|---|---|
| 2022 | +71.7% | +54.5% |
| 2023 | +2.0% | +25.5% |
| 2024 | -12.2% | +4.8% |
| 2025 | -2.3% | -38.2% |
| 2026 | +41.4% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and NOG good diversifiers for each other?
Only partially. A correlation of 0.79 means COP and NOG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between COP and NOG?
As of 2026-08-27, the correlation of weekly returns between COP and NOG is 0.79 over 3 years, 0.80 over 1 year and 0.83 over 5 years.
Is NOG a good diversifier for COP?
Only partially. A correlation of 0.79 means COP and NOG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
A reading of 0.79 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-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cop-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · NOG correlations
