CVX vs OXY: Correlation
Chevron Corporation (CVX) and Occidental Petroleum (OXY) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and OXY?
On 3 years of weekly data the CVX/OXY correlation comes out at 0.75, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.75 over 3. The 5-year figure is 0.75, and annualized covariance runs at 543.8 %².
Within CVX's tracked universe of 29 assets, OXY comes in at #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +30.4% for CVX and +28.9% for OXY. Stability stands out here, with the rolling one-year correlation confined to 0.62 through 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.
CVX vs OXY: side by side
| CVX (Chevron Corporation) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +30.4% | +28.9% |
| 5-year return | +148.1% | +150.8% |
| Volatility (ann.) | 23.8% | 30.6% |
| Beta vs S&P 500 | 0.22 | 0.13 |
| Max drawdown (3Y) | -20.8% | -46.9% |
| Market cap | $391.9B | $59.1B |
| P/E (trailing) | 19.3 | 17.3 |
| Dividend yield | 3.49% | 1.71% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | CVX | OXY |
|---|---|---|
| 2022 | +58.5% | +119.1% |
| 2023 | -13.6% | -4.1% |
| 2024 | +1.3% | -15.9% |
| 2025 | +10.1% | -14.9% |
| 2026 | +34.7% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and OXY good diversifiers for each other?
Only partially. A correlation of 0.75 means CVX and OXY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CVX and OXY?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.76 over the last year and 0.75 over 5 years.
Is OXY a good diversifier for CVX?
Only partially. A correlation of 0.75 means CVX and OXY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
A reading of 0.75 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/cvx-vs-oxy.json
Embed this badge (it refreshes with the data), with attribution:
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVX correlations · OXY correlations
