COP vs SPY: Correlation
How closely do ConocoPhillips (COP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and SPY?
Over the past 3 years, COP and SPY moved with a correlation of 0.12, which is weak. The past 12 months show a weaker link (-0.38) than the 3-year average (0.12). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 51.6 %².
Within COP's tracked universe of 40 assets, SPY comes in at #28 by 3-year correlation. The last year tells two different stories: COP led by 15.9 percentage points, +36.5% for COP against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.37 to 0.43. One caveat on sizing: COP is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| COP (ConocoPhillips) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.5% | +20.6% |
| 5-year return | +175.2% | +82.4% |
| Volatility (ann.) | 29.1% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -36.3% | -18.8% |
| Market cap | $155.6B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | COP | SPY |
|---|---|---|
| 2022 | +71.7% | -18.2% |
| 2023 | +2.0% | +26.2% |
| 2024 | -12.2% | +24.9% |
| 2025 | -2.3% | +17.7% |
| 2026 | +41.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
COP represents 0.24% of SPY's portfolio, so part of any move in SPY is COP itself, and the correlation between them is partly mechanical.
Are COP and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, COP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COP and SPY?
As of 2026-08-27, the correlation of weekly returns between COP and SPY is 0.12 over 3 years, -0.38 over 1 year and 0.23 over 5 years.
Is SPY a good diversifier for COP?
Yes. With a correlation of 0.12, COP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cop-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · SPY correlations
