COP vs PSX: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Phillips 66 (PSX) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and PSX?
Over the past 3 years, COP and PSX moved with a correlation of 0.70, which is strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 684.6 %².
By 3-year correlation, PSX places #18 of the 40 assets tracked against COP. Their recent paths diverged sharply: over the last 12 months PSX outperformed by 49.7 percentage points (+36.5% for COP against +86.2% for PSX). The rolling one-year correlation stayed in a tight band between 0.62 and 0.82 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 PSX: side by side
| COP (ConocoPhillips) | PSX (Phillips 66) | |
|---|---|---|
| 1-year return | +36.5% | +86.2% |
| 5-year return | +175.2% | +301.8% |
| Volatility (ann.) | 29.1% | 33.4% |
| Beta vs S&P 500 | 0.25 | 0.58 |
| Max drawdown (3Y) | -36.3% | -44.4% |
| Market cap | $155.6B | $96.1B |
| P/E (trailing) | 17.3 | 13.8 |
| Dividend yield | 2.53% | 2.04% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | PSX |
|---|---|---|
| 2022 | +71.7% | +49.6% |
| 2023 | +2.0% | +33.1% |
| 2024 | -12.2% | -11.6% |
| 2025 | -2.3% | +17.5% |
| 2026 | +41.4% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and PSX good diversifiers for each other?
To a limited degree. At 0.70 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 PSX?
As of 2026-08-27, the correlation of weekly returns between COP and PSX is 0.70 over 3 years, 0.72 over 1 year and 0.74 over 5 years.
Is PSX a good diversifier for COP?
To a limited degree. At 0.70 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 0.70 mean?
On the −1 to +1 scale, 0.70 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-psx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cop-vs-psx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COP correlations · PSX correlations
