COP vs XOM: Correlation
How closely do ConocoPhillips (COP) and ExxonMobil (XOM) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COP and XOM?
Across a 3-year window, the weekly returns of COP and XOM correlate at 0.81, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 573.5 %².
By 3-year correlation, XOM places #9 of the 40 assets tracked against COP. The trailing year gives XOM the advantage: +36.5% versus +42.8%, a 6.3-point spread. The link looks structural: the rolling one-year correlation barely moved, holding between 0.69 and 0.85.
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 XOM: side by side
| COP (ConocoPhillips) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +36.5% | +42.8% |
| 5-year return | +175.2% | +237.9% |
| Volatility (ann.) | 29.1% | 24.3% |
| Beta vs S&P 500 | 0.25 | 0.01 |
| Max drawdown (3Y) | -36.3% | -20.1% |
| Market cap | $155.6B | $643.3B |
| P/E (trailing) | 17.3 | 20.1 |
| Dividend yield | 2.53% | 2.58% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | COP | XOM |
|---|---|---|
| 2022 | +71.7% | +87.4% |
| 2023 | +2.0% | -6.3% |
| 2024 | -12.2% | +11.3% |
| 2025 | -2.3% | +16.0% |
| 2026 | +41.4% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COP and XOM good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between COP and XOM?
The COP/XOM correlation stands at 0.81 on a 3-year window (1 year: 0.83, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is XOM a good diversifier for COP?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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-xom.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cop-vs-xom/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COP correlations · XOM correlations
