COP vs SLB: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Schlumberger (SLB) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and SLB?
Across a 3-year window, the weekly returns of COP and SLB correlate at 0.66, strong. The past 12 months show a weaker link (0.51) than the 3-year average (0.66). Stretching to 5 years gives 0.73, with an annualized covariance of 670.7 %².
Within COP's tracked universe of 40 assets, SLB comes in at #22 by 3-year correlation. The last year tells two different stories: SLB led by 20.6 percentage points, +36.5% for COP against +57.1% for SLB. The rolling one-year correlation moved between 0.52 and 0.80 over the past three years, a moderate range.
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 SLB: side by side
| COP (ConocoPhillips) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +36.5% | +57.1% |
| 5-year return | +175.2% | +117.1% |
| Volatility (ann.) | 29.1% | 35.1% |
| Beta vs S&P 500 | 0.25 | 0.57 |
| Max drawdown (3Y) | -36.3% | -46.6% |
| Market cap | $155.6B | $81.6B |
| P/E (trailing) | 17.3 | 26.2 |
| Dividend yield | 2.53% | 2.16% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | SLB |
|---|---|---|
| 2022 | +71.7% | +81.2% |
| 2023 | +2.0% | -0.8% |
| 2024 | -12.2% | -24.5% |
| 2025 | -2.3% | +3.3% |
| 2026 | +41.4% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and SLB good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between COP and SLB?
The COP/SLB correlation stands at 0.66 on a 3-year window (1 year: 0.51, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is SLB a good diversifier for COP?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: COP correlations · SLB correlations
