ConocoPhillips Correlations

COP Stock

USD 95.05 0.10 0.11%

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

Modest diversification

The correlation between ConocoPhillips and DJI is 0.28 (i.e., Modest 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 persons.

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

Moving together with ConocoPhillips Stock

0.65	PR	Permian Resources	Pair Corr
0.82	SM	SM Energy Earnings Call This Week	Pair Corr
0.74	VTLE	Vital Energy	Pair Corr
0.73	FANG	Diamondback Energy	Pair Corr
0.75	APA	APA Corporation	Pair Corr
0.74	BRY	Berry Petroleum Corp	Pair Corr
0.78	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.63	CNQ	Canadian Natural Res Earnings Call This Week	Pair Corr
0.85	DVN	Devon Energy	Pair Corr
0.8	EGY	Vaalco Energy	Pair Corr
0.86	EOG	EOG Resources	Pair Corr
0.67	EPM	Evolution Petroleum	Pair Corr
0.82	KOS	Kosmos Energy Aggressive Push	Pair Corr
0.72	MGY	Magnolia Oil Gas Earnings Call This Week	Pair Corr
0.71	MNR	Mach Natural Resources	Pair Corr

Moving against ConocoPhillips Stock

0.39	ANNAW	AleAnna, Warrant	Pair Corr
0.39	TPL	Texas Pacific Land	Pair Corr

Related Correlations Analysis

	EOG	DVN	FANG	CVX	PSX	XOM	BP	VLO
EOG		0.86	0.78	0.88	0.8	0.91	0.81	0.78	EOG
DVN	0.86		0.91	0.77	0.81	0.8	0.69	0.73	DVN
FANG	0.78	0.91		0.65	0.69	0.64	0.65	0.61	FANG
CVX	0.88	0.77	0.65		0.87	0.86	0.92	0.9	CVX
PSX	0.8	0.81	0.69	0.87		0.72	0.87	0.98	PSX
XOM	0.91	0.8	0.64	0.86	0.72		0.74	0.7	XOM
BP	0.81	0.69	0.65	0.92	0.87	0.74		0.9	BP
VLO	0.78	0.73	0.61	0.9	0.98	0.7	0.9		VLO
	EOG	DVN	FANG	CVX	PSX	XOM	BP	VLO

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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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
EOG	1.22	0.09	(0.07)	0.58	1.23	(1.38)	2.72	(2.30)	6.76
DVN	1.73	0.07	(0.01)	0.35	1.54	(2.05)	3.24	(2.72)	10.10
FANG	1.67	0.06	(0.04)	0.39	1.78	(1.84)	3.64	(2.73)	10.27
CVX	1.01	0.16	0.01	0.64	0.90	(1.14)	2.27	(2.16)	6.32
PSX	1.54	0.11	0.07	0.32	1.80	(1.56)	3.57	(3.01)	14.54
XOM	1.09	0.02	(0.09)	0.32	1.37	(1.06)	2.18	(2.58)	6.28
BP	1.27	0.19	0.01	0.98	1.33	(1.39)	3.37	(2.20)	7.14
VLO	1.56	0.17	0.09	0.40	1.63	(1.79)	3.54	(3.34)	9.91

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