OXY vs XOM: Correlation
Occidental Petroleum (OXY) and ExxonMobil (XOM) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OXY and XOM?
Over the past 3 years, OXY and XOM moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 582.4 %².
Among the 38 assets we track against OXY, XOM ranks #13 by 3-year correlation. On 12-month performance XOM holds a 13.9-point edge, +28.9% against +42.8%. The rolling one-year correlation stayed in a tight band between 0.72 and 0.84 over the past three years, which points to a structural rather than episodic relationship.
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.
OXY vs XOM: side by side
| OXY (Occidental Petroleum) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +28.9% | +42.8% |
| 5-year return | +150.8% | +237.9% |
| Volatility (ann.) | 30.6% | 24.3% |
| Beta vs S&P 500 | 0.13 | 0.01 |
| Max drawdown (3Y) | -46.9% | -20.1% |
| Market cap | $59.1B | $643.3B |
| P/E (trailing) | 17.3 | 20.1 |
| Dividend yield | 1.71% | 2.58% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | OXY | XOM |
|---|---|---|
| 2022 | +119.1% | +87.4% |
| 2023 | -4.1% | -6.3% |
| 2024 | -15.9% | +11.3% |
| 2025 | -14.9% | +16.0% |
| 2026 | +45.2% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OXY and XOM good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OXY and XOM?
As of 2026-08-27, the correlation of weekly returns between OXY and XOM is 0.78 over 3 years, 0.76 over 1 year and 0.74 over 5 years.
Is XOM a good diversifier for OXY?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: OXY correlations · XOM correlations
