CVX vs XOM: Correlation
How closely do Chevron Corporation (CVX) and ExxonMobil (XOM) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and XOM?
Over the past 3 years, CVX and XOM moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 454.3 %².
Among the 29 assets we track against CVX, XOM ranks #4 by 3-year correlation. On 12-month performance XOM holds a 12.4-point edge, +30.4% against +42.8%. Across three years, the rolling one-year figure varied moderately, from 0.60 to 0.92.
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 XOM: side by side
| CVX (Chevron Corporation) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +30.4% | +42.8% |
| 5-year return | +148.1% | +237.9% |
| Volatility (ann.) | 23.8% | 24.3% |
| Beta vs S&P 500 | 0.22 | 0.01 |
| Max drawdown (3Y) | -20.8% | -20.1% |
| Market cap | $391.9B | $643.3B |
| P/E (trailing) | 19.3 | 20.1 |
| Dividend yield | 3.49% | 2.58% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | CVX | XOM |
|---|---|---|
| 2022 | +58.5% | +87.4% |
| 2023 | -13.6% | -6.3% |
| 2024 | +1.3% | +11.3% |
| 2025 | +10.1% | +16.0% |
| 2026 | +34.7% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVX and XOM good diversifiers for each other?
Only partially. A correlation of 0.78 means CVX and XOM 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 XOM?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.86 over the last year and 0.84 over 5 years.
Is XOM a good diversifier for CVX?
Only partially. A correlation of 0.78 means CVX and XOM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 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-xom.json
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Related comparisons
Hubs: CVX correlations · XOM correlations
