CPA vs MUSA: Correlation
How closely do Copa Holdings, S.A. (CPA) and Murphy USA Inc. (MUSA) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and MUSA?
On 3 years of weekly data the CPA/MUSA correlation comes out at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.27 over 3 years. The 5-year figure is -0.07, and annualized covariance runs at -263.4 %².
Among the 12 assets we track against CPA, MUSA sits near the bottom by co-movement, at rank #9. The last year tells two different stories: MUSA led by 17.5 percentage points, +17.8% for CPA against +35.3% for MUSA.
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.
CPA vs MUSA: side by side
| CPA (Copa Holdings, S.A.) | MUSA (Murphy USA Inc.) | |
|---|---|---|
| 1-year return | +17.8% | +35.3% |
| 5-year return | +112.6% | +234.8% |
| Volatility (ann.) | 29.3% | 33.7% |
| Beta vs S&P 500 | 0.83 | 0.06 |
| Max drawdown (3Y) | -29.2% | -35.5% |
| Market cap | $5.4B | $9.4B |
| P/E (trailing) | 8.7 | 16.3 |
| Dividend yield | 5.01% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPA | MUSA |
|---|---|---|
| 2022 | +0.6% | +41.0% |
| 2023 | +32.4% | +28.2% |
| 2024 | -11.5% | +41.3% |
| 2025 | +45.6% | -19.1% |
| 2026 | +11.5% | +26.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and MUSA good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPA and MUSA?
As of 2026-08-27, the correlation of weekly returns between CPA and MUSA is -0.27 over 3 years, -0.50 over 1 year and -0.07 over 5 years.
Is MUSA a good diversifier for CPA?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 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/cpa-vs-musa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpa-vs-musa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CPA correlations · MUSA correlations
