ConocoPhillips Correlations

COP Stock  USD 95.62  0.67  0.71%   
The current 90-days correlation between ConocoPhillips and EOG Resources is 0.87 (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 0.07 (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.
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 persons.
To learn how to invest in ConocoPhillips Stock, please use our How to Invest in ConocoPhillips guide.

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  0.72MNR Mach Natural ResourcesPairCorr

Moving against ConocoPhillips Stock

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  0.34BSM Black Stone MineralsPairCorr
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Related Correlations Analysis

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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.