ConocoPhillips Correlations

COP Stock

USD 96.78 2.00 2.11%

The current 90-days correlation between ConocoPhillips and EOG Resources is 0.88 (i.e., Very poor diversification). The correlation of ConocoPhillips is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

ConocoPhillips Correlation With Market

Significant diversification

The correlation between ConocoPhillips and DJI is 0.01 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ConocoPhillips and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ConocoPhillips Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ConocoPhillips. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

To learn how to invest in ConocoPhillips Stock, please use our How to Invest in ConocoPhillips guide.

Moving together with ConocoPhillips Stock

0.63	PR	Permian Resources	Pair Corr
0.9	SM	SM Energy	Pair Corr
0.61	FANG	Diamondback Energy	Pair Corr
0.87	APA	APA Corporation	Pair Corr
0.77	BRY	Berry Petroleum Corp	Pair Corr
0.87	BTE	Baytex Energy Corp	Pair Corr
0.84	CRC	California Resources Corp	Pair Corr
0.65	DEC	Diversified Energy	Pair Corr
0.89	DVN	Devon Energy	Pair Corr
0.89	EGY	Vaalco Energy	Pair Corr
0.84	EOG	EOG Resources	Pair Corr
0.86	EPM	Evolution Petroleum	Pair Corr
0.81	KRP	Kimbell Royalty Partners	Pair Corr
0.9	MGY	Magnolia Oil Gas	Pair Corr
0.71	MNR	Mach Natural Resources	Pair Corr
0.75	MUR	Murphy Oil	Pair Corr

Moving against ConocoPhillips Stock

0.44	AR	Antero Resources Corp	Pair Corr
0.44	VIST	Vista Oil Gas	Pair Corr
0.43	BSM	Black Stone Minerals	Pair Corr
0.39	CRK	Comstock Resources	Pair Corr
0.37	EQT	EQT Corporation	Pair Corr
0.34	ANNAW	AleAnna, Warrant	Pair Corr
0.61	EXE	Expand Energy Symbol Change	Pair Corr
0.61	TPL	Texas Pacific Land	Pair Corr
0.52	GPOR	Gulfport Energy Operating	Pair Corr
0.39	INR	Infinity Natural Res	Pair Corr
0.36	RRC	Range Resources Corp	Pair Corr

Related Correlations Analysis

	EOG	DVN	FANG	CVX	PSX	XOM	BP	VLO
EOG		0.83	0.6	0.48	0.79	0.9	0.42	0.68	EOG
DVN	0.83		0.66	0.38	0.74	0.75	0.56	0.58	DVN
FANG	0.6	0.66		0.21	0.36	0.53	0.18	0.22	FANG
CVX	0.48	0.38	0.21		0.49	0.44	0.6	0.49	CVX
PSX	0.79	0.74	0.36	0.49		0.87	0.53	0.97	PSX
XOM	0.9	0.75	0.53	0.44	0.87		0.31	0.83	XOM
BP	0.42	0.56	0.18	0.6	0.53	0.31		0.44	BP
VLO	0.68	0.58	0.22	0.49	0.97	0.83	0.44		VLO
	EOG	DVN	FANG	CVX	PSX	XOM	BP	VLO

Risk-Adjusted Indicators

There is a big difference between ConocoPhillips Stock performing well and ConocoPhillips Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze ConocoPhillips' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EOG	1.16	0.15	0.04	(3.03)	1.23	(1.26)	2.75	(2.35)	6.76
DVN	1.54	0.22	0.06	(1.19)	1.54	(1.72)	3.24	(2.72)	10.11
FANG	1.60	0.10	0.00	(0.54)	1.78	(1.72)	3.74	(2.71)	8.91
CVX	0.97	0.20	0.12	0.88	0.90	(1.12)	1.93	(1.80)	6.31
PSX	1.25	0.25	0.07	(0.79)	1.56	(1.22)	2.84	(3.01)	6.82
XOM	1.01	0.15	0.02	(0.64)	1.25	(1.04)	2.14	(2.07)	6.25
BP	1.10	0.30	0.15	13.74	1.09	(1.24)	2.63	(2.15)	5.69
VLO	1.50	0.23	0.05	(0.47)	1.86	(1.62)	2.94	(3.37)	8.73

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