ConocoPhillips Correlations

COP Stock

USD 98.19 0.74 0.75%

The current 90-days correlation between ConocoPhillips and Enbridge is 0.13 (i.e., Average 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

Average diversification

The correlation between ConocoPhillips and DJI is 0.15 (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

0.91	BORR	Borr Drilling	Pair Corr
0.75	PTAIY	Astra International Tbk	Pair Corr
0.71	PHJMF	PT Hanjaya Mandala	Pair Corr
0.68	EC	Ecopetrol SA ADR	Pair Corr
0.84	PUTKY	United Tractors Tbk	Pair Corr
0.81	FYBR	Frontier Communications	Pair Corr
0.73	JACK	Jack In	Pair Corr
0.71	ACLLF	Atco	Pair Corr
0.83	TLSNY	Telia Company	Pair Corr

Moving against ConocoPhillips Stock

0.83	VIVK	Vivakor	Pair Corr
0.75	HPK	Highpeak Energy Acqu	Pair Corr
0.67	WTI	WT Offshore	Pair Corr
0.66	KOS	Kosmos Energy Aggressive Push	Pair Corr
0.62	GRNT	Granite Ridge Resources	Pair Corr
0.54	BRN	Barnwell Industries	Pair Corr
0.51	HME	Hemisphere Energy	Pair Corr
0.6	TPET	Trio Petroleum Corp	Pair Corr
0.6	PIFMY	Indofood Sukses Makmur	Pair Corr
0.56	BANL	CBL International	Pair Corr
0.52	PTAIF	PT Astra International	Pair Corr
0.46	ORC-A	Orca Energy Group	Pair Corr

Related Correlations Analysis

	ENB	CNQ	TTE	EOG	PBR	EPD	PBR-A	BP	FANG	EQNR
ENB		0.63	0.45	0.48	0.55	0.51	0.6	0.6	0.57	-0.07	ENB
CNQ	0.63		0.82	0.43	0.61	0.85	0.62	0.71	0.78	0.25	CNQ
TTE	0.45	0.82		0.22	0.46	0.9	0.48	0.56	0.79	0.2	TTE
EOG	0.48	0.43	0.22		0.54	0.23	0.55	0.6	0.54	0.27	EOG
PBR	0.55	0.61	0.46	0.54		0.54	0.98	0.84	0.38	0.47	PBR
EPD	0.51	0.85	0.9	0.23	0.54		0.58	0.62	0.79	0.06	EPD
PBR-A	0.6	0.62	0.48	0.55	0.98	0.58		0.88	0.44	0.38	PBR-A
BP	0.6	0.71	0.56	0.6	0.84	0.62	0.88		0.57	0.34	BP
FANG	0.57	0.78	0.79	0.54	0.38	0.79	0.44	0.57		-0.04	FANG
EQNR	-0.07	0.25	0.2	0.27	0.47	0.06	0.38	0.34	-0.04		EQNR
	ENB	CNQ	TTE	EOG	PBR	EPD	PBR-A	BP	FANG	EQNR

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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

PBR-A	+ 0.98	PBR
EPD	+ 0.9	TTE
BP	+ 0.88	PBR-A
EPD	+ 0.85	CNQ
BP	+ 0.84	PBR
TTE	+ 0.82	CNQ

High negative correlations

EQNR	- 0.07	ENB
EQNR	- 0.04	FANG

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
ENB	0.72	0.03	(0.06)	(0.17)	1.09	(0.65)	1.37	(1.60)	4.97
CNQ	1.32	0.20	0.05	(1.19)	1.70	(1.40)	2.94	(2.10)	9.23
TTE	0.96	0.21	0.10	14.43	1.02	(1.11)	2.06	(1.29)	7.99
EOG	1.10	(0.04)	0.00	(0.12)	0.00	0.00	2.49	(2.27)	6.52
PBR	1.09	0.17	0.04	(1.33)	1.41	(1.18)	2.93	(1.82)	11.62
EPD	0.58	0.11	0.03	0.82	0.64	(0.63)	1.50	(1.34)	3.38
PBR-A	1.14	0.16	0.04	(2.44)	1.65	(1.24)	3.18	(2.07)	10.67
BP	1.21	0.12	0.02	7.63	1.75	(1.24)	2.42	(3.37)	8.36
FANG	1.43	0.12	0.01	(1.59)	1.62	(1.55)	3.34	(2.78)	8.02
EQNR	1.24	0.21	0.05	(0.44)	1.27	(1.45)	2.86	(2.05)	8.31

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