CVX vs VLO: Correlation
Chevron Corporation (CVX) and Valero Energy (VLO) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and VLO?
On 3 years of weekly data the CVX/VLO correlation comes out at 0.64, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 529.0 %².
Within CVX's tracked universe of 29 assets, VLO comes in at #16 by 3-year correlation. The last year tells two different stories: VLO led by 104.4 percentage points, +30.4% for CVX against +134.8% for VLO. Across three years, the rolling one-year figure varied moderately, from 0.48 to 0.77.
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 VLO: side by side
| CVX (Chevron Corporation) | VLO (Valero Energy) | |
|---|---|---|
| 1-year return | +30.4% | +134.8% |
| 5-year return | +148.1% | +512.9% |
| Volatility (ann.) | 23.8% | 34.8% |
| Beta vs S&P 500 | 0.22 | 0.55 |
| Max drawdown (3Y) | -20.8% | -41.2% |
| Market cap | $391.9B | $99.8B |
| P/E (trailing) | 19.3 | 14.5 |
| Dividend yield | 3.49% | 1.34% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | CVX | VLO |
|---|---|---|
| 2022 | +58.5% | +75.0% |
| 2023 | -13.6% | +5.9% |
| 2024 | +1.3% | -3.0% |
| 2025 | +10.1% | +37.0% |
| 2026 | +34.7% | +116.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and VLO good diversifiers for each other?
To a limited degree. At 0.64 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 CVX and VLO?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.59 over the last year and 0.66 over 5 years.
Is VLO a good diversifier for CVX?
To a limited degree. At 0.64 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 0.64 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.
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Related comparisons
Hubs: CVX correlations · VLO correlations
