COP vs OVV: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Ovintiv Inc. (DE) (OVV) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and OVV?
On 3 years of weekly data the COP/OVV correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 867.1 %².
By 3-year correlation, OVV places #7 of the 40 assets tracked against COP. Correlation aside, the last 12 months split them widely, with OVV ahead by 24.7 points (+36.5% versus +61.2%).
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 OVV: side by side
| COP (ConocoPhillips) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +36.5% | +61.2% |
| 5-year return | +175.2% | +175.7% |
| Volatility (ann.) | 29.1% | 36.4% |
| Beta vs S&P 500 | 0.25 | 0.43 |
| Max drawdown (3Y) | -36.3% | -42.2% |
| Market cap | $155.6B | $18.0B |
| P/E (trailing) | 17.3 | 18.0 |
| Dividend yield | 2.53% | 1.86% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | OVV |
|---|---|---|
| 2022 | +71.7% | +53.3% |
| 2023 | +2.0% | -10.9% |
| 2024 | -12.2% | -5.2% |
| 2025 | -2.3% | -0.3% |
| 2026 | +41.4% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and OVV good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between COP and OVV?
The COP/OVV correlation stands at 0.82 on a 3-year window (1 year: 0.78, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for COP?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cop-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COP correlations · OVV correlations
