COP vs OXY: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Occidental Petroleum (OXY) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and OXY?
On 3 years of weekly data the COP/OXY correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 711.8 %².
Within COP's tracked universe of 40 assets, OXY comes in at #11 by 3-year correlation. Over the last 12 months COP came out ahead by 7.6 percentage points (+36.5% against +28.9%). The rolling one-year correlation stayed in a tight band between 0.69 and 0.87 over the past three years, which points to a structural rather than episodic relationship.
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 OXY: side by side
| COP (ConocoPhillips) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +36.5% | +28.9% |
| 5-year return | +175.2% | +150.8% |
| Volatility (ann.) | 29.1% | 30.6% |
| Beta vs S&P 500 | 0.25 | 0.13 |
| Max drawdown (3Y) | -36.3% | -46.9% |
| Market cap | $155.6B | $59.1B |
| P/E (trailing) | 17.3 | 17.3 |
| Dividend yield | 2.53% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | OXY |
|---|---|---|
| 2022 | +71.7% | +119.1% |
| 2023 | +2.0% | -4.1% |
| 2024 | -12.2% | -15.9% |
| 2025 | -2.3% | -14.9% |
| 2026 | +41.4% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and OXY good diversifiers for each other?
No. With a correlation of 0.80, COP and OXY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between COP and OXY?
As of 2026-08-27, the correlation of weekly returns between COP and OXY is 0.80 over 3 years, 0.82 over 1 year and 0.77 over 5 years.
Is OXY a good diversifier for COP?
No. With a correlation of 0.80, COP and OXY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 mean?
A reading of 0.80 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COP correlations · OXY correlations
