ConocoPhillips Correlations

COP Stock

USD 93.69 0.57 0.61%

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

Average diversification

The correlation between ConocoPhillips and DJI is 0.18 (i.e., Average 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

0.68	EP	Empire Petroleum Corp	Pair Corr
0.77	SM	SM Energy	Pair Corr
0.74	VG	Venture Global,	Pair Corr
0.74	JGH	Jade Gas Holdings	Pair Corr
0.79	VNOM	Viper Energy Ut	Pair Corr
0.67	OBE	Obsidian Energy	Pair Corr
0.73	EPSN	Epsilon Energy	Pair Corr

Moving against ConocoPhillips Stock

0.46	CDA	Canuc Resources Corp	Pair Corr
0.37	SDE	Spartan Delta Corp	Pair Corr
0.36	RBY	Rubellite Energy	Pair Corr
0.54	SHE	Stonehorse Energy	Pair Corr
0.48	600938	CNOOC Limited	Pair Corr
0.41	VIST	Vista Oil Gas	Pair Corr
0.41	EFXT	Enerflex	Pair Corr
0.31	KEY	KEY Petroleum	Pair Corr
0.5	RG8	Regal Asian Investments	Pair Corr
0.45	SQZ	Serica Energy PLC	Pair Corr
0.38	ROK	ROK Resources	Pair Corr

Related Correlations Analysis

	ESINQ	CHNUF	EDMCQ	JZ	COE	SCIA
ESINQ		1.0	1.0	0.0	0.0	0.0	ESINQ
CHNUF	1.0		1.0	0.0	0.0	0.0	CHNUF
EDMCQ	1.0	1.0		0.0	0.0	0.0	EDMCQ
JZ	0.0	0.0	0.0		0.42	-0.77	JZ
COE	0.0	0.0	0.0	0.42		-0.42	COE
SCIA	0.0	0.0	0.0	-0.77	-0.42		SCIA
	ESINQ	CHNUF	EDMCQ	JZ	COE	SCIA

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CHNUF	+ 1.0	ESINQ
EDMCQ	+ 1.0	ESINQ
EDMCQ	+ 1.0	CHNUF
COE	+ 0.42	JZ
JZ	+ 0.0	ESINQ
COE	+ 0.0	ESINQ

High negative correlations

SCIA	- 0.77	JZ
SCIA	- 0.42	COE
SCIA	- 0.0	EDMCQ
COE	- 0.0	EDMCQ
JZ	- 0.0	EDMCQ
SCIA	- 0.0	CHNUF

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
ESINQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CHNUF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EDMCQ	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
JZ	2.28	(0.11)	0.00	(0.95)	0.00	0.00	5.14	(4.88)	21.17
COE	2.64	(0.10)	0.00	(0.04)	0.00	0.00	7.89	(5.40)	25.35
SCIA	1.71	0.38	0.12	0.73	1.82	(2.59)	6.11	(3.88)	20.05

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