ConocoPhillips Correlations

COP Stock

USD 102.31 0.98 0.97%

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 0.29 (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.

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

0.91	PR	Permian Resources	Pair Corr
0.73	SD	SandRidge Energy	Pair Corr
0.73	SM	SM Energy	Pair Corr
0.67	VIST	Vista Oil Gas	Pair Corr
0.68	VTLE	Vital Energy	Pair Corr
0.71	EONR	EON Resources Symbol Change	Pair Corr
0.88	FANG	Diamondback Energy	Pair Corr
0.8	APA	APA Corporation	Pair Corr
0.72	BKV	BKV Corporation	Pair Corr
0.61	BRN	Barnwell Industries	Pair Corr
0.75	BRY	Berry Petroleum Corp	Pair Corr
0.77	BTE	Baytex Energy Corp Aggressive Push	Pair Corr
0.78	CNQ	Canadian Natural Res	Pair Corr
0.69	CRC	California Resources Corp	Pair Corr
0.64	EGY	Vaalco Energy	Pair Corr
0.68	EOG	EOG Resources	Pair Corr
0.86	EPM	Evolution Petroleum	Pair Corr
0.64	KOS	Kosmos Energy	Pair Corr
0.63	KRP	Kimbell Royalty Partners	Pair Corr
0.81	MGY	Magnolia Oil Gas	Pair Corr
0.72	MNR	Mach Natural Resources	Pair Corr

Related Correlations Analysis

	FANG	PXD	APA	HES	CTRA	OXY	DVN	EOG	PR
FANG		0.0	0.87	0.07	0.46	0.76	0.41	0.59	0.96	FANG
PXD	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	PXD
APA	0.87	0.0		0.12	0.45	0.82	0.44	0.71	0.91	APA
HES	0.07	0.0	0.12		0.84	0.3	0.86	0.69	0.16	HES
CTRA	0.46	0.0	0.45	0.84		0.51	0.85	0.81	0.52	CTRA
OXY	0.76	0.0	0.82	0.3	0.51		0.66	0.73	0.75	OXY
DVN	0.41	0.0	0.44	0.86	0.85	0.66		0.88	0.46	DVN
EOG	0.59	0.0	0.71	0.69	0.81	0.73	0.88		0.68	EOG
PR	0.96	0.0	0.91	0.16	0.52	0.75	0.46	0.68		PR
	FANG	PXD	APA	HES	CTRA	OXY	DVN	EOG	PR

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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

PR	+ 0.96	FANG
PR	+ 0.91	APA
EOG	+ 0.88	DVN
APA	+ 0.87	FANG
DVN	+ 0.86	HES
DVN	+ 0.85	CTRA

High negative correlations

PR	- 0.0	PXD
EOG	- 0.0	PXD
DVN	- 0.0	PXD
OXY	- 0.0	PXD
CTRA	- 0.0	PXD
HES	- 0.0	PXD

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
FANG	1.44	(0.01)	0.00	(0.09)	0.00	0.00	2.24	(3.55)	9.40
PXD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
APA	1.88	0.01	0.00	(0.06)	0.00	0.00	3.02	(4.05)	14.84
HES	1.22	0.20	0.13	0.28	1.60	(1.22)	2.33	(2.75)	6.66
CTRA	1.44	0.26	0.16	0.65	1.64	(1.45)	3.01	(2.61)	7.66
OXY	1.33	0.04	0.04	0.00	1.83	(1.30)	3.34	(2.75)	9.30
DVN	1.71	0.13	0.08	0.15	2.07	(1.81)	2.98	(3.32)	12.69
EOG	1.16	0.01	0.00	(0.04)	0.00	0.00	2.35	(2.81)	8.25
PR	1.70	0.01	0.00	(0.06)	0.00	0.00	3.91	(3.65)	12.33

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