COP vs VNOM: Correlation
Measured on weekly returns over the past three years, ConocoPhillips (COP) and Viper Energy, Inc. (VNOM) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and VNOM?
On 3 years of weekly data the COP/VNOM correlation comes out at 0.68, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 633.4 %².
By 3-year correlation, VNOM places #19 of the 40 assets tracked against COP. Their recent paths diverged sharply: over the last 12 months COP outperformed by 16.0 percentage points (+36.5% for COP against +20.5% for VNOM).
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 VNOM: side by side
| COP (ConocoPhillips) | VNOM (Viper Energy, Inc.) | |
|---|---|---|
| 1-year return | +36.5% | +20.5% |
| 5-year return | +175.2% | +230.6% |
| Volatility (ann.) | 29.1% | 31.8% |
| Beta vs S&P 500 | 0.25 | 0.33 |
| Max drawdown (3Y) | -36.3% | -34.5% |
| Market cap | $155.6B | $23.4B |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 2.53% | 5.54% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | COP | VNOM |
|---|---|---|
| 2022 | +71.7% | +61.7% |
| 2023 | +2.0% | +4.8% |
| 2024 | -12.2% | +65.5% |
| 2025 | -2.3% | -16.6% |
| 2026 | +41.4% | +20.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and VNOM good diversifiers for each other?
To a limited degree. At 0.68 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 VNOM?
As of 2026-08-27, the correlation of weekly returns between COP and VNOM is 0.68 over 3 years, 0.73 over 1 year and 0.75 over 5 years.
Is VNOM a good diversifier for COP?
To a limited degree. At 0.68 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 0.68 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-vnom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cop-vs-vnom/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: COP correlations · VNOM correlations
