ConocoPhillips Correlations

COP Stock

USD 89.74 0.43 0.48%

The current 90-days correlation between ConocoPhillips and Yuexiu Transport Infrastructure is -0.07 (i.e., Good 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

Poor diversification

The correlation between ConocoPhillips and DJI is 0.73 (i.e., Poor 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 various price indices.

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
0.64	SD	SandRidge Energy	Pair Corr
0.86	SM	SM Energy	Pair Corr
0.61	HPKEW	HighPeak Energy	Pair Corr
0.7	MTDR	Matador Resources	Pair Corr
0.79	VTLE	Vital Energy	Pair Corr
0.86	FANG	Diamondback Energy	Pair Corr
0.76	APA	APA Corporation	Pair Corr
0.76	BRY	Berry Petroleum Corp	Pair Corr
0.82	BTE	Baytex Energy Corp	Pair Corr
0.9	DVN	Devon Energy	Pair Corr
0.76	EGY	Vaalco Energy	Pair Corr
0.88	EOG	EOG Resources	Pair Corr
0.63	EPM	Evolution Petroleum	Pair Corr
0.62	GFR	Greenfire Resources	Pair Corr
0.62	GTE	Gran Tierra Energy	Pair Corr
0.87	HES	Hess	Pair Corr
0.7	HPK	Highpeak Energy Acqu	Pair Corr
0.63	INR	Infinity Natural Res	Pair Corr

Related Correlations Analysis

	GZITF	GFF	HIHO	SNA	WEYS	PMNXF	SHOO	CHD
GZITF		0.29	0.17	-0.32	0.29	-0.05	0.07	0.0	GZITF
GFF	0.29		0.45	0.54	0.61	-0.1	0.6	-0.02	GFF
HIHO	0.17	0.45		0.22	0.57	0.36	0.85	-0.13	HIHO
SNA	-0.32	0.54	0.22		0.27	0.0	0.5	0.16	SNA
WEYS	0.29	0.61	0.57	0.27		0.45	0.66	-0.54	WEYS
PMNXF	-0.05	-0.1	0.36	0.0	0.45		0.37	-0.36	PMNXF
SHOO	0.07	0.6	0.85	0.5	0.66	0.37		-0.09	SHOO
CHD	0.0	-0.02	-0.13	0.16	-0.54	-0.36	-0.09		CHD
	GZITF	GFF	HIHO	SNA	WEYS	PMNXF	SHOO	CHD

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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

SHOO	+ 0.85	HIHO
SHOO	+ 0.66	WEYS
WEYS	+ 0.61	GFF
SHOO	+ 0.6	GFF
WEYS	+ 0.57	HIHO
SNA	+ 0.54	GFF

High negative correlations

CHD	- 0.54	WEYS
CHD	- 0.36	PMNXF
SNA	- 0.32	GZITF
CHD	- 0.13	HIHO
PMNXF	- 0.1	GFF
CHD	- 0.09	SHOO

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
GZITF	0.11	0.05	0.00	(0.94)	0.00	0.00	0.00	0.00	3.57
GFF	1.81	(0.06)	(0.02)	0.01	2.36	(1.89)	3.12	(3.65)	15.07
HIHO	1.89	(0.11)	0.00	(0.22)	0.00	0.00	4.79	(3.31)	15.64
SNA	1.31	(0.18)	0.00	(0.12)	0.00	0.00	3.07	(3.81)	14.62
WEYS	2.09	0.12	0.05	0.15	2.88	(2.24)	4.57	(4.70)	18.07
PMNXF	1.95	0.13	0.03	0.72	2.64	(2.54)	5.77	(5.24)	13.58
SHOO	3.19	(0.20)	0.00	(0.06)	0.00	0.00	6.74	(6.81)	23.15
CHD	1.08	(0.16)	0.00	(0.55)	0.00	0.00	2.03	(2.12)	9.36

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