CVX vs PSX: Correlation
How closely do Chevron Corporation (CVX) and Phillips 66 (PSX) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and PSX?
On 3 years of weekly data the CVX/PSX correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.69, and annualized covariance runs at 566.4 %².
Among the 29 assets we track against CVX, PSX ranks #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PSX ahead by 55.8 points (+30.4% versus +86.2%). On a rolling one-year basis the correlation drifted between 0.57 and 0.83, a moderate band.
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 PSX: side by side
| CVX (Chevron Corporation) | PSX (Phillips 66) | |
|---|---|---|
| 1-year return | +30.4% | +86.2% |
| 5-year return | +148.1% | +301.8% |
| Volatility (ann.) | 23.8% | 33.4% |
| Beta vs S&P 500 | 0.22 | 0.58 |
| Max drawdown (3Y) | -20.8% | -44.4% |
| Market cap | $391.9B | $96.1B |
| P/E (trailing) | 19.3 | 13.8 |
| Dividend yield | 3.49% | 2.04% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | CVX | PSX |
|---|---|---|
| 2022 | +58.5% | +49.6% |
| 2023 | -13.6% | +33.1% |
| 2024 | +1.3% | -11.6% |
| 2025 | +10.1% | +17.5% |
| 2026 | +34.7% | +89.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and PSX good diversifiers for each other?
Only partially. A correlation of 0.71 means CVX and PSX 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 PSX?
The CVX/PSX correlation stands at 0.71 on a 3-year window (1 year: 0.76, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is PSX a good diversifier for CVX?
Only partially. A correlation of 0.71 means CVX and PSX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 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/cvx-vs-psx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvx-vs-psx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVX correlations · PSX correlations
