ConocoPhillips Correlations

COP Stock

USD 111.43 0.60 0.54%

The current 90-days correlation between ConocoPhillips and Enbridge is 0.23 (i.e., Modest 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

Very poor diversification

The correlation between ConocoPhillips and DJI is 0.82 (i.e., Very 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 signals in employment.

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

Moving together with ConocoPhillips Stock

0.89	JP9	Japan Petroleum Expl	Pair Corr
0.9	PR	Permian Resources Aggressive Push	Pair Corr
0.89	CDA	Canuc Resources Corp	Pair Corr
0.84	SD	SandRidge Energy	Pair Corr
0.66	SM	SM Energy	Pair Corr
0.68	VG	Venture Global	Pair Corr
0.75	RBY	Rubellite Energy	Pair Corr
0.84	DMLP	Dorchester Minerals	Pair Corr
0.87	SDE	Spartan Delta Corp Earnings Call This Week	Pair Corr
0.75	RO1	Caspian Sunrise plc	Pair Corr
0.64	VIST	Vista Oil Gas	Pair Corr
0.64	1PZ	Panoro Energy ASA	Pair Corr
0.9	SEPL	Seplat Petroleum Dev	Pair Corr
0.77	6BW	BW ENERGY LTD	Pair Corr
0.82	VNOM	Viper Energy Ut	Pair Corr
0.71	BLOE	Block Energy PLC	Pair Corr
0.91	EFXT	Enerflex	Pair Corr
0.79	OBE	Obsidian Energy Earnings Call This Week	Pair Corr
0.88	PXK	Peyto Exploration	Pair Corr

Moving against ConocoPhillips Stock

0.81	JGH	Jade Gas Holdings	Pair Corr
0.8	INDI	Indus Gas Limited	Pair Corr
0.74	VIVK	Vivakor	Pair Corr
0.73	LGN	Logan Energy Corp	Pair Corr
0.59	L5K	Lekoil Limited	Pair Corr
0.47	AXP	AXP Energy	Pair Corr
0.64	SHE	Stonehorse Energy	Pair Corr
0.62	ROK	ROK Resources	Pair Corr
0.6	KEY	KEY Petroleum	Pair Corr
0.56	EW	East West Petroleum	Pair Corr
0.51	EONR	EON Resources	Pair Corr
0.46	ERHE	ERHC Energy	Pair Corr
0.31	CGO	Contango Holdings PLC	Pair Corr

Related Correlations Analysis

	ENB	CNQ	TTE	EOG	PBR	EPD	PBR-A	BP	FANG	EQNR
ENB		0.85	0.78	0.83	0.74	0.86	0.76	0.74	0.77	0.71	ENB
CNQ	0.85		0.96	0.85	0.91	0.93	0.91	0.79	0.87	0.92	CNQ
TTE	0.78	0.96		0.79	0.91	0.94	0.91	0.76	0.85	0.93	TTE
EOG	0.83	0.85	0.79		0.79	0.82	0.8	0.84	0.86	0.78	EOG
PBR	0.74	0.91	0.91	0.79		0.83	1.0	0.86	0.74	0.93	PBR
EPD	0.86	0.93	0.94	0.82	0.83		0.83	0.71	0.85	0.85	EPD
PBR-A	0.76	0.91	0.91	0.8	1.0	0.83		0.88	0.76	0.91	PBR-A
BP	0.74	0.79	0.76	0.84	0.86	0.71	0.88		0.75	0.75	BP
FANG	0.77	0.87	0.85	0.86	0.74	0.85	0.76	0.75		0.72	FANG
EQNR	0.71	0.92	0.93	0.78	0.93	0.85	0.91	0.75	0.72		EQNR
	ENB	CNQ	TTE	EOG	PBR	EPD	PBR-A	BP	FANG	EQNR

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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
ENB	0.81	0.20	0.11	(1.46)	1.04	(0.84)	1.67	(1.60)	4.74
CNQ	1.53	0.39	0.17	6.58	1.67	(1.67)	3.19	(1.99)	9.23
TTE	1.10	0.32	0.19	8.85	1.10	(1.29)	3.10	(2.15)	7.47
EOG	1.43	0.20	0.09	2.00	1.42	(1.55)	2.91	(2.34)	6.52
PBR	1.33	0.29	0.12	(3.78)	1.55	(1.54)	3.62	(3.21)	9.33
EPD	0.68	0.28	0.28	4.76	0.35	(0.84)	1.72	(1.33)	5.11
PBR-A	1.38	0.26	0.10	(4.06)	1.71	(1.52)	3.57	(3.37)	10.03
BP	1.41	0.04	0.00	0.19	2.15	(1.39)	2.97	(3.76)	8.90
FANG	1.55	0.25	0.11	2.96	1.62	(1.76)	3.36	(3.24)	8.37
EQNR	1.55	0.25	0.11	1.87	1.59	(1.75)	3.34	(3.39)	7.91

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