COP vs SM: Correlation
ConocoPhillips (COP) and SM Energy Company (SM) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and SM?
Across a 3-year window, the weekly returns of COP and SM correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 1106.9 %².
By 3-year correlation, SM places #13 of the 40 assets tracked against COP. Their 12-month results are close: +36.5% for COP against +36.1% for SM. Note the risk asymmetry: SM runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SM: side by side
| COP (ConocoPhillips) | SM (SM Energy Company) | |
|---|---|---|
| 1-year return | +36.5% | +36.1% |
| 5-year return | +175.2% | +114.6% |
| Volatility (ann.) | 29.1% | 47.6% |
| Beta vs S&P 500 | 0.25 | 0.44 |
| Max drawdown (3Y) | -36.3% | -64.9% |
| Market cap | $155.6B | $8.8B |
| P/E (trailing) | 17.3 | 6.3 |
| Dividend yield | 2.53% | 2.32% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | SM |
|---|---|---|
| 2022 | +71.7% | +18.6% |
| 2023 | +2.0% | +13.1% |
| 2024 | -12.2% | +1.8% |
| 2025 | -2.3% | -49.7% |
| 2026 | +41.4% | +99.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and SM good diversifiers for each other?
No. With a correlation of 0.80, COP and SM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between COP and SM?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.81 over the last year and 0.81 over 5 years.
Is SM a good diversifier for COP?
No. With a correlation of 0.80, COP and SM 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-sm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-sm/)
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Related comparisons
Hubs: COP correlations · SM correlations
