ConocoPhillips Correlations

COP Stock

USD 96.88 0.27 0.28%

The current 90-days correlation between ConocoPhillips and Enbridge 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

Modest diversification

The correlation between ConocoPhillips and DJI is 0.2 (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 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

0.73	PR	Permian Resources Aggressive Push	Pair Corr
0.8	CDA	Canuc Resources Corp	Pair Corr
0.67	SD	SandRidge Energy	Pair Corr
0.68	SDE	Spartan Delta Corp	Pair Corr
0.86	EFXT	Enerflex	Pair Corr
0.66	PSK	PrairieSky Royalty	Pair Corr
0.78	CDR	Condor Energies	Pair Corr

Moving against ConocoPhillips Stock

0.74	INDI	Indus Gas Limited	Pair Corr
0.63	CLON	Clontarf Energy Plc	Pair Corr
0.59	QEM	QEM	Pair Corr
0.56	WCAT	Wildcat Petroleum Plc	Pair Corr
0.44	VG	Venture Global	Pair Corr
0.35	EP	Empire Petroleum Corp	Pair Corr
0.84	VIVK	Vivakor	Pair Corr
0.34	AXP	AXP Energy	Pair Corr
0.67	EONR	EON Resources	Pair Corr
0.62	ROK	ROK Resources	Pair Corr
0.51	CGO	Contango Holdings PLC	Pair Corr
0.46	EW	East West Petroleum	Pair Corr
0.36	EPSN	Epsilon Energy	Pair Corr
0.34	SQZ	Serica Energy PLC	Pair Corr

Related Correlations Analysis

	ENB	CNQ	TTE	EOG	PBR	EPD	PBR-A	BP	FANG	EQNR
ENB		0.53	0.43	0.45	0.39	0.46	0.46	0.56	0.57	-0.16	ENB
CNQ	0.53		0.84	0.47	0.66	0.85	0.65	0.66	0.66	0.34	CNQ
TTE	0.43	0.84		0.3	0.51	0.9	0.5	0.49	0.71	0.27	TTE
EOG	0.45	0.47	0.3		0.56	0.28	0.59	0.67	0.43	0.31	EOG
PBR	0.39	0.66	0.51	0.56		0.55	0.98	0.79	0.24	0.55	PBR
EPD	0.46	0.85	0.9	0.28	0.55		0.58	0.58	0.73	0.1	EPD
PBR-A	0.46	0.65	0.5	0.59	0.98	0.58		0.84	0.3	0.44	PBR-A
BP	0.56	0.66	0.49	0.67	0.79	0.58	0.84		0.42	0.31	BP
FANG	0.57	0.66	0.71	0.43	0.24	0.73	0.3	0.42		-0.14	FANG
EQNR	-0.16	0.34	0.27	0.31	0.55	0.1	0.44	0.31	-0.14		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
EPD	+ 0.85	CNQ
TTE	+ 0.84	CNQ
BP	+ 0.84	PBR-A
BP	+ 0.79	PBR

High negative correlations

EQNR	- 0.16	ENB
EQNR	- 0.14	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	0.74	0.03	(0.08)	0.00	1.09	(0.67)	1.37	(1.60)	4.97
CNQ	1.34	0.30	0.11	(5.35)	1.60	(1.45)	3.14	(1.99)	9.23
TTE	0.93	0.19	0.08	(7.34)	1.07	(1.04)	1.91	(1.29)	7.47
EOG	1.11	0.02	(0.04)	0.24	1.32	(1.20)	2.49	(2.27)	6.52
PBR	1.15	0.29	0.11	(14.94)	1.34	(1.29)	3.57	(1.82)	11.62
EPD	0.57	0.14	0.07	0.98	0.56	(0.63)	1.50	(1.34)	3.38
PBR-A	1.19	0.26	0.09	7.27	1.58	(1.32)	3.19	(2.07)	10.67
BP	1.21	0.16	0.04	1.94	1.71	(1.29)	2.42	(3.37)	8.36
FANG	1.46	0.06	0.00	0.31	1.68	(1.60)	3.34	(2.78)	8.02
EQNR	1.31	0.22	0.07	(1.37)	1.31	(1.50)	3.28	(2.09)	8.31

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