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Relative Intelligence · Exploration & Production

How ConocoPhillips (COP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on COP alone. It places COP (ConocoPhillips) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where COP stands in the market, and of the alternatives worth a closer look.

Period covered: COP's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against COP →Chart COP vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in COP have grown?

This chart tracks a hypothetical $10,000 investment in COP over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of COP over the same span and COP's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 373 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of COP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • VLO$1M+10,099% total · +17.3% a year
  • WMB$472,016+4,620% total · +14.2% a year
  • LNG$451,390+4,414% total · +14.0% a year
  • EOG$380,118+3,701% total · +13.4% a year
  • EQT$179,863+1,699% total · +10.5% a year
  • COP$156,444+1,464% total · +9.9% a year
  • CVX$142,109+1,321% total · +9.6% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • XOM$124,235+1,142% total · +9.1% a year
  • APA$33,799+238% total · +4.3% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 647 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of COP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • VLO$64,131+541% total · +45.0% a year
  • PR$36,604+266% total · +29.6% a year
  • CNQ$33,008+230% total · +27.0% a year
  • XOM$32,965+230% total · +26.9% a year
  • WMB$32,631+226% total · +26.7% a year
  • EQT$25,477+155% total · +20.6% a year
  • CVX$24,595+146% total · +19.7% a year
  • COP$22,182+122% total · +17.3% a year
  • OVV$19,897+99.0% total · +14.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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COP at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$175B
Industry
Oil & Gas Exploration & Production
Price history from
October 1986

Returns

Past 1 year
+72.9%total return
Past 3 years
+28.5%+8.7% a year
Past 5 years
+131%+18.2% a year
Past 10 years
+379%+17.0% a year
Best calendar year
+87.1%2021
Worst calendar year
−39.9%2008
Losing years
7 of 29full calendar years

Risk

Volatility
32.6%typical yearly swing, 5 years
Sharpe ratio
0.68return per unit of risk, 5 years
Worst decline ever
−70.7%Oct 2018 to Mar 2020
From its all-time high
At its highwithin 1%

COP against the whole market

Where COP ranks among every stock and fund, and what across the market has done better.

How does COP rank among all stocks?

This section ranks COP on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how COP stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureCOPRankStanding
1-year return+72.9%320 of 3,287top 10%
3-year return+28.5%1,875 of 3,017bottom 39%
5-year return+131%530 of 2,893top 18%
10-year return+379%445 of 2,202top 20%
Volatility, 5 years32.6%965 of 2,893top 33%
Sharpe ratio, 5 years0.68505 of 2,893top 17%
Worst decline, past 10 years−70.7%1,311 of 2,187bottom 41%

What has beaten COP on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). COP sits where the dashed lines cross. Anything in the green box above and to the left earned more than COP with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to COP; faint dots are 78 more of the 97 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than COPPH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%MAR: +22.0% a year, volatility 28.6%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%RS: +24.8% a year, volatility 28.1%ENSG: +19.8% a year, volatility 26.8%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%VRTX: +22.6% a year, volatility 29.1%BNY: +22.7% a year, volatility 24.4%XLK: +19.4% a year, volatility 26.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%HLT: +21.0% a year, volatility 26.8%WAB: +25.6% a year, volatility 26.2%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%BAP: +30.8% a year, volatility 30.3%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%CW: +30.8% a year, volatility 28.7%IHG: +21.4% a year, volatility 26.6%BCH: +25.2% a year, volatility 28.2%HUBB: +21.0% a year, volatility 30.0%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%RNR: +20.1% a year, volatility 27.8%CMI: +19.9% a year, volatility 29.0%EWT: +20.4% a year, volatility 24.2%ALSN: +27.3% a year, volatility 29.9%NEU: +21.0% a year, volatility 26.8%AVT: +22.1% a year, volatility 30.7%ACT: +20.5% a year, volatility 24.3%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%DTM: +24.5% a year, volatility 25.2%IXC: +20.7% a year, volatility 23.2%SNX: +20.3% a year, volatility 30.4%FCFS: +20.6% a year, volatility 30.5%IGIC: +30.8% a year, volatility 30.9%DMLP: +21.1% a year, volatility 29.1%DBJP: +20.9% a year, volatility 19.2%FBIZ: +23.1% a year, volatility 29.4%MPLX: +23.5% a year, volatility 18.8%BWFG: +20.1% a year, volatility 28.5%GS: +19.6% a year, volatility 28.6%XLE: +22.6% a year, volatility 25.5%USFD: +22.7% a year, volatility 29.8%UNM: +30.6% a year, volatility 29.3%SHEL: +21.0% a year, volatility 24.8%RGA: +19.7% a year, volatility 27.3%BSAC: +19.5% a year, volatility 29.0%PAA: +27.0% a year, volatility 25.6%GVA: +23.8% a year, volatility 30.6%WES: +23.5% a year, volatility 27.6%SKT: +19.3% a year, volatility 29.7%PAGP: +26.8% a year, volatility 26.1%AM: +20.0% a year, volatility 25.9%BLX: +31.4% a year, volatility 25.9%OFG: +19.5% a year, volatility 28.7%ATMP: +21.2% a year, volatility 21.5%IEO: +21.5% a year, volatility 29.9%FNGS: +19.5% a year, volatility 30.3%COP: +18.2% a year, volatility 32.6%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%WMB: +24.6% a year, volatility 24.0%VLO: +44.2% a year, volatility 36.9%PR: +33.1% a year, volatility 47.1%CNQ: +26.5% a year, volatility 32.5%PSX: +33.2% a year, volatility 32.9%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%E: +23.0% a year, volatility 25.6%LNG: +23.4% a year, volatility 30.2%KMI: +18.7% a year, volatility 22.5%NHC: +32.0% a year, volatility 28.5%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%CRAK: +19.8% a year, volatility 20.9%LLY: +40.7% a year, volatility 32.8%COST: +17.4% a year, volatility 22.9%CAH: +42.1% a year, volatility 24.7%COPSPY (S&P 500)XOMCVXWMBVLOPRCNQPSXMPCINSWELNGKMINHCWMTABBVDXJMCKCRAKLLYCOSTCAH10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than COPPH: +27.4% a year, volatility 28.8%PGR: +21.3% a year, volatility 25.6%MAR: +22.0% a year, volatility 28.6%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%CBOE: +21.5% a year, volatility 25.1%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%RS: +24.8% a year, volatility 28.1%ENSG: +19.8% a year, volatility 26.8%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%WELL: +26.0% a year, volatility 23.8%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%VRTX: +22.6% a year, volatility 29.1%BNY: +22.7% a year, volatility 24.4%XLK: +19.4% a year, volatility 26.0%CM: +19.2% a year, volatility 21.6%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%HLT: +21.0% a year, volatility 26.8%WAB: +25.6% a year, volatility 26.2%ETR: +19.2% a year, volatility 22.4%CCEP: +19.7% a year, volatility 23.2%BAP: +30.8% a year, volatility 30.3%ACGL: +20.1% a year, volatility 24.5%SDCI: +20.6% a year, volatility 18.4%KOF: +22.3% a year, volatility 24.7%CW: +30.8% a year, volatility 28.7%IHG: +21.4% a year, volatility 26.6%BCH: +25.2% a year, volatility 28.2%HUBB: +21.0% a year, volatility 30.0%CLH: +23.1% a year, volatility 28.6%AIT: +28.5% a year, volatility 30.3%RNR: +20.1% a year, volatility 27.8%CMI: +19.9% a year, volatility 29.0%EWT: +20.4% a year, volatility 24.2%ALSN: +27.3% a year, volatility 29.9%NEU: +21.0% a year, volatility 26.8%AVT: +22.1% a year, volatility 30.7%ACT: +20.5% a year, volatility 24.3%FLTW: +21.8% a year, volatility 24.3%QTUM: +22.8% a year, volatility 28.1%DTM: +24.5% a year, volatility 25.2%IXC: +20.7% a year, volatility 23.2%SNX: +20.3% a year, volatility 30.4%FCFS: +20.6% a year, volatility 30.5%IGIC: +30.8% a year, volatility 30.9%DMLP: +21.1% a year, volatility 29.1%DBJP: +20.9% a year, volatility 19.2%FBIZ: +23.1% a year, volatility 29.4%MPLX: +23.5% a year, volatility 18.8%BWFG: +20.1% a year, volatility 28.5%GS: +19.6% a year, volatility 28.6%XLE: +22.6% a year, volatility 25.5%USFD: +22.7% a year, volatility 29.8%UNM: +30.6% a year, volatility 29.3%SHEL: +21.0% a year, volatility 24.8%RGA: +19.7% a year, volatility 27.3%BSAC: +19.5% a year, volatility 29.0%PAA: +27.0% a year, volatility 25.6%GVA: +23.8% a year, volatility 30.6%WES: +23.5% a year, volatility 27.6%SKT: +19.3% a year, volatility 29.7%PAGP: +26.8% a year, volatility 26.1%AM: +20.0% a year, volatility 25.9%BLX: +31.4% a year, volatility 25.9%OFG: +19.5% a year, volatility 28.7%ATMP: +21.2% a year, volatility 21.5%IEO: +21.5% a year, volatility 29.9%FNGS: +19.5% a year, volatility 30.3%COP: +18.2% a year, volatility 32.6%SPY (S&P 500): +12.7% a year, volatility 17.1%XOM: +27.1% a year, volatility 26.5%CVX: +19.5% a year, volatility 25.2%WMB: +24.6% a year, volatility 24.0%VLO: +44.2% a year, volatility 36.9%PR: +33.1% a year, volatility 47.1%CNQ: +26.5% a year, volatility 32.5%PSX: +33.2% a year, volatility 32.9%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%E: +23.0% a year, volatility 25.6%LNG: +23.4% a year, volatility 30.2%KMI: +18.7% a year, volatility 22.5%NHC: +32.0% a year, volatility 28.5%WMT: +20.8% a year, volatility 22.6%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%MCK: +38.7% a year, volatility 25.0%CRAK: +19.8% a year, volatility 20.9%LLY: +40.7% a year, volatility 32.8%COST: +17.4% a year, volatility 22.9%CAH: +42.1% a year, volatility 24.7%COPSPY (S&P 500)XOMCVXWMBVLOPRCNQPSXMPCINSWELNGKMINHCABBVDXJMCKCRAKLLYCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than COP?

Investments that beat COP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat COP over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks COP's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than COP follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than COP's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× COP's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than COP's.

Screen the whole market against COP for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with COP?lower diversifies moreExpenseper year
COPConocoPhillips · this page
+18.2%32.6%0.68−70.7%+379%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.130.09%
Popular alternativesbest 6 shownThe investments people most often weigh against COP. 6 of 22 passed at least one test.
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst decline+27.1%26.5%1.04−61.0%+214%0.83—
CVXChevron Corporation · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.5%25.2%0.84−55.8%+238%0.79—
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Higher return, lower volatility+24.6%24.0%1.04−68.1%+288%0.54—
VLOValero Energy Corporation · Oil & Gas
Higher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.64—
PRPermian Resources Corporation · Exploration & Production
Higher return in most periods+33.1%47.1%0.85−98.9%+99.2%0.75—
CNQCanadian Natural Resources Limited · Oil & Gas
Higher return, similar volatility+26.5%32.5%0.89−77.5%+433%0.83—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Exploration & Production and Oil & Gas and the categories next to it (Oilfield Services, Oil & Gas Midstream, Integrated Oil & Gas), plus COP's specific themes. 27 of 67 passed at least one test.
PSXPhillips 66 · Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.2%32.9%1.04−64.2%+430%0.73—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.65—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%—0.23—
EEni S.p.A. · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst decline+23.0%25.6%0.94−61.4%+278%0.75—
LNGCheniere Energy, Inc. · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst decline+23.4%30.2%0.85−57.5%+616%0.50—
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Similar return, lower volatilityHigher Sharpe, smaller worst decline+18.7%22.5%0.88−55.1%+163%0.57—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 301 of 3,544 passed at least one test.
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%-0.08—
WMTWalmart Inc. · Discount Retail
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+20.8%22.6%0.96−25.7%+508%0.00—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.08—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.6%19.1%1.34−39.1%+428%0.130.48%
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.25—
CRAKVanEck Oil Refiners ETF · Energy
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+19.8%20.9%0.97−58.8%+336%0.650.61%
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.13—
COSTCostco Wholesale Corporation · Discount Retail
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.4%22.9%0.82−31.4%+685%0.00—
What these numbers mean for COP
Annual return
COP returned 18.2% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $23,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
COP's volatility over the past 5 years was 32.6%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, COP's return lands within 32.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
COP's Sharpe ratio over the past 5 years was 0.68, against 0.79 for the S&P 500, so COP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
COP's worst fall from a peak to a low over the past 10 years was 70.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 70.7% fall takes a 241% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, COP's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against COP instead: the lower it is, the more that option would diversify a COP holding. Guide: Correlation and diversification →
Show all 97 stocks and funds worth at least $500 million that earned more than COP with less volatility

Out of 3,633 tested over 5 years. The strongest 90 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with COPExpense
1
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%-0.08—
2
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+508%0.00—
3
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.08—
4
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.130.48%
5
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.25—
6
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.14—
7
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.18—
8
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.24—
9
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.28—
10
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.14—
11
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.12—
12
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.07—
13
CBOECboe Global Markets, Inc. · Capital Markets
Whole market+21.5%25.1%0.91−43.2%+463%0.17—
14
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.12—
15
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.33—
16
CRAKVanEck Oil Refiners ETF · Energy
Whole market+19.8%20.9%0.97−58.8%+336%0.650.61%
17
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.19—
18
ENSGThe Ensign Group, Inc. · Health Care Facilities
Whole market+19.8%26.8%0.81−55.5%+896%0.30—
19
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.23—
20
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.15—
21
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%0.21—
22
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.03—
23
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.34—
24
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.24—
25
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.07—
26
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.16—
27
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.23—
28
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.05—
29
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.08—
30
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.27—
31
XLKState Street Technology Select Sector SPDR ETF · Technology Equity
Whole market+19.4%26.0%0.82−33.6%+767%-0.120.08%
32
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+395%0.12—
33
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.36—
34
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%-0.09—
35
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+694%0.20—
36
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.26—
37
ETREntergy Corporation · Electric Utilities
Whole market+19.2%22.4%0.90−42.0%+311%0.21—
38
CCEPCoca-Cola Europacific Partners PLC · Food & Beverages
Whole market+19.7%23.2%0.90−48.8%+292%0.05—
39
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.37—
40
ACGLArch Capital Group Ltd. · Property & Casualty Insurance
Whole market+20.1%24.5%0.87−53.8%+309%0.32—
41
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.640.80%
42
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.15—
43
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.06—
44
IHGInterContinental Hotels Group PLC · Hotels & Resorts
Whole market+21.4%26.6%0.86−59.3%+383%0.11—
45
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+180%0.17—
46
HUBBHubbell Incorporated · Electrical Equipment
Whole market+21.0%30.0%0.79−41.6%+442%-0.10—
47
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%0.24—
48
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.12—
49
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Popular alternative+27.1%26.5%1.04−61.0%+214%0.83—
50
RNRRenaissanceRe Holdings Ltd. · Insurance
Whole market+20.1%27.8%0.80−40.7%+215%-0.01—
51
CMICummins Inc. · Industrial Machinery
Whole market+19.9%29.0%0.77−44.0%+444%0.23—
52
EWTiShares MSCI Taiwan ETF · International Equity
Whole market+20.4%24.2%0.89−38.9%+468%-0.070.59%
53
ALSNAllison Transmission Holdings, Inc. · Auto Parts
Whole market+27.3%29.9%0.96−48.7%+367%0.27—
54
EEni S.p.A. · Integrated Oil & Gas
Same or nearby category+23.0%25.6%0.94−61.4%+278%0.75—
55
CVXChevron Corporation · Integrated Oil & Gas
Popular alternative+19.5%25.2%0.84−55.8%+238%0.79—
56
NEUNewMarket Corporation · Specialty Chemicals
Whole market+21.0%26.8%0.85−40.7%+165%0.02—
57
LNGCheniere Energy, Inc. · Oil & Gas
Same or nearby category+23.4%30.2%0.85−57.5%+616%0.50—
58
AVTAvnet, Inc. · Technology Distribution
Whole market+22.1%30.7%0.81−58.4%+173%0.18—
59
ACTEnact Holdings Inc. · Insurance
Whole market+20.5%24.3%0.89−20.2%—0.47—
60
FLTWFranklin FTSE Taiwan ETF · Technology
Whole market+21.8%24.3%0.94−38.0%—-0.080.19%
61
QTUMDefiance Quantum ETF · Technology
Whole market+22.8%28.1%0.87−38.5%—-0.170.40%
62
DTMDT Midstream, Inc. · Oil & Gas Midstream
Same or nearby category+24.5%25.2%1.00−23.6%—0.39—
63
IXCiShares Global Energy ETF · International
Whole market+20.7%23.2%0.93−64.2%+183%0.900.37%
64
SNXTD Synnex Corp · Technology Distribution
Whole market+20.3%30.4%0.76−55.8%+430%0.05—
65
FCFSFirstCash Holdings, Inc · Consumer Finance
Whole market+20.6%30.5%0.77−50.2%+422%0.24—
66
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—0.04—
67
DMLPDorchester Minerals, L.P. · Oil & Gas Exploration & Production
Whole market+21.1%29.1%0.81−56.8%+435%0.66—
68
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.020.45%
69
FBIZFirst Business Financial Services, Inc. · Banks - Regional
Whole market+23.1%29.4%0.85−50.2%+307%0.28—
70
MPLXMPLX Lp · Oil & Gas Midstream
Same or nearby category+23.5%18.8%1.22−75.2%+350%0.52—
71
BWFGBankwell Financial Group, Inc. · Banks - Regional
Whole market+20.1%28.5%0.79−64.7%+240%0.19—
72
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.24—
73
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%0.910.08%
74
USFDUS Foods Holding Corp. · Food Distribution
Whole market+22.7%29.8%0.84−77.3%+347%0.10—
75
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.30—
76
SHELShell plc · Integrated Oil & Gas
Same or nearby category+21.0%24.8%0.90−67.2%+233%0.75—
77
RGAReinsurance Group of America, Incorporated · Insurance
Whole market+19.7%27.3%0.80−65.8%+199%0.43—
78
BSACBanco Santander-Chile · Banks
Whole market+19.5%29.0%0.76−63.9%+154%0.26—
79
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Popular alternative+24.6%24.0%1.04−68.1%+288%0.54—
80
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Same or nearby category+27.0%25.6%1.06−87.9%+64.0%0.67—
81
GVAGranite Construction Incorporated · Engineering & Construction
Whole market+23.8%30.6%0.85−84.7%+186%0.08—
82
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Same or nearby category+23.5%27.6%0.91−91.9%+128%0.58—
83
SKTTanger Inc. · REIT - Retail
Whole market+19.3%29.7%0.74−85.9%+60.5%0.28—
84
PAGPPlains GP Holdings LP · Oil & Gas Midstream
Same or nearby category+26.8%26.1%1.05−88.0%+56.3%0.67—
85
AMAntero Midstream Corporation · Oil & Gas Midstream
Same or nearby category+20.0%25.9%0.84−92.9%—0.49—
86
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.16—
87
OFGOFG Bancorp · Banks - Regional
Whole market+19.5%28.7%0.77−61.2%+580%0.29—
88
ATMPBarclays ETN+ Select MLP ETN · Broad Market
Whole market+21.2%21.5%1.01−70.3%+172%0.690.95%
89
IEOiShares U.S. Oil & Gas Exploration & Production ETF · Broad Market
Whole market+21.5%29.9%0.80−75.0%+217%0.920.37%
90
FNGSMicroSectors FANG+ ETN · Technology
Whole market+19.5%30.3%0.74−49.0%—-0.180.58%

COP against its popular alternatives

The investments people most often weigh against COP, compared period by period and year by year.

How do COP's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at COP, which divides the map into what did better or worse on each measure.

Green points earned more than COP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCOP: 18.2% a year, volatility 32.6%SPY (S&P 500): 12.7% a year, volatility 17.1%CNQ: 26.5% a year, volatility 32.5%WMB: 24.6% a year, volatility 24.0%CVX: 19.5% a year, volatility 25.2%XOM: 27.1% a year, volatility 26.5%OVV: 14.8% a year, volatility 44.8%APA: 16.2% a year, volatility 47.6%RRC: 13.3% a year, volatility 43.2%FANG: 17.6% a year, volatility 36.6%AR: 13.4% a year, volatility 46.7%SM: 6.9% a year, volatility 52.8%NOG: 7.1% a year, volatility 48.2%CHRD: 16.7% a year, volatility 39.1%MTDR: 6.9% a year, volatility 46.3%DVN: 9.3% a year, volatility 39.9%CRK: 9.1% a year, volatility 57.7%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%MGY: 6.3% a year, volatility 38.9%VLO: 44.2% a year, volatility 36.9%PR: 33.1% a year, volatility 47.1%EQT: 22.4% a year, volatility 40.9%EOG: 16.6% a year, volatility 32.3%COPSPY (S&P 500)CNQWMBCVXXOMOVVAPARRCFANGARSMNOGCHRDMTDRDVNCRKOXYSLBMGYVLOPREQTEOG10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCOP: 18.2% a year, volatility 32.6%SPY (S&P 500): 12.7% a year, volatility 17.1%CNQ: 26.5% a year, volatility 32.5%WMB: 24.6% a year, volatility 24.0%CVX: 19.5% a year, volatility 25.2%XOM: 27.1% a year, volatility 26.5%OVV: 14.8% a year, volatility 44.8%APA: 16.2% a year, volatility 47.6%RRC: 13.3% a year, volatility 43.2%FANG: 17.6% a year, volatility 36.6%AR: 13.4% a year, volatility 46.7%SM: 6.9% a year, volatility 52.8%NOG: 7.1% a year, volatility 48.2%CHRD: 16.7% a year, volatility 39.1%MTDR: 6.9% a year, volatility 46.3%DVN: 9.3% a year, volatility 39.9%CRK: 9.1% a year, volatility 57.7%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%MGY: 6.3% a year, volatility 38.9%VLO: 44.2% a year, volatility 36.9%PR: 33.1% a year, volatility 47.1%EQT: 22.4% a year, volatility 40.9%EOG: 16.6% a year, volatility 32.3%COPSPY (S&P 500)CNQWMBCVXXOMOVVRRCFANGARSMNOGMTDRDVNOXYSLBMGYVLOPREQTEOG
All figures
InvestmentAnnual returnVolatility
VLO Valero Energy Corporation+44.2%36.9%
PR Permian Resources Corporation+33.1%47.1%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CNQ Canadian Natural Resources Limited+26.5%32.5%
WMB The Williams Companies, Inc.+24.6%24.0%
EQT EQT Corporation+22.4%40.9%
CVX Chevron Corporation+19.5%25.2%
COP This pageConocoPhillips+18.2%32.6%
FANG Diamondback Energy, Inc.+17.6%36.6%
CHRD Chord Energy Corporation+16.7%39.1%
EOG EOG Resources, Inc.+16.6%32.3%
APA APA Corporation+16.2%47.6%
OXY Occidental Petroleum Corporation+15.2%37.9%
OVV Ovintiv Inc.+14.8%44.8%
AR Antero Resources Corporation+13.4%46.7%
RRC Range Resources Corporation+13.3%43.2%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLB Slb N.V.+10.0%37.5%
DVN Devon Energy Corporation+9.3%39.9%
CRK Comstock Resources, Inc.+9.1%57.7%
NOG Northern Oil and Gas, Inc.+7.1%48.2%
MTDR Matador Resources Company+6.9%46.3%
SM SM Energy Company+6.9%52.8%
MGY Magnolia Oil & Gas Corporation+6.3%38.9%
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Has COP consistently beaten its popular alternatives?

This section compares COP with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than COP helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than COP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
COP ConocoPhillips (this page)—+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
VLO QualifiedValero Energy Corporation4/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PR QualifiedPermian Resources Corporation3/5 short2/3 long+13.1%+23.3%+28.6%+76.5%+108%+86.6%+317%+99.2%47.1%0.85−98.9%—$21B—
CNQ Oil & Gas Exploration & ProductionCanadian Natural Resources Limited2/5 short3/3 long+12.2%+24.4%+27.6%+62.5%+87.7%+90.4%+224%+433%32.5%0.89−77.5%—$112B—
WMB Oil & Gas MidstreamThe Williams Companies, Inc.0/5 short2/3 long−1.8%−4.5%+0.6%+18.1%+14.9%+125%+200%+288%24.0%1.04−68.1%—$86B—
CVX Oil & Gas IntegratedChevron Corporation0/5 short2/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation0/5 short2/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
EQT Oil & Gas Exploration & ProductionEQT Corporation0/5 short2/3 long+9.4%+12.1%−3.3%+3.4%−1.8%+35.0%+175%+69.1%40.9%0.70−87.5%—$34B—
OVV Oil & Gas Exploration & ProductionOvintiv Inc.4/5 short1/3 long+16.8%+22.2%+32.8%+76.3%+98.3%+52.5%+99.6%+56.0%44.8%0.54−96.8%—$19B—
APA Oil & Gas Exploration & ProductionAPA Corporation4/5 short1/3 long+13.9%+44.2%+40.6%+101%+130%+31.9%+111%+0.9%47.6%0.56−93.5%—$17B—
RRC Oil & Gas Exploration & ProductionRange Resources Corporation1/5 short1/3 long+15.4%+19.3%+6.6%+24.5%+18.7%+30.6%+86.3%+20.8%43.2%0.51−94.9%—$10B—
FANG Oil & Gas Exploration & ProductionDiamondback Energy, Inc.0/5 short1/3 long+6.9%+4.2%+11.6%+35.1%+46.8%+35.7%+125%+160%36.6%0.63−88.7%—$57B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.0/5 short1/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
AR Oil & Gas Exploration & ProductionAntero Resources Corporation0/5 short1/3 long+14.3%+16.9%+6.2%+13.5%+21.9%+38.8%+87.2%+42.8%46.7%0.50−97.5%—$12B—
SM Oil & Gas Exploration & ProductionSM Energy Company3/5 short0/3 long+11.8%+24.9%+46.1%+108%+88.7%−1.4%+39.5%+123%52.8%0.39−94.7%—$9.2B—
NOG Oil & Gas Exploration & ProductionNorthern Oil and Gas, Inc.2/5 short0/3 long+18.1%+32.3%+16.3%+32.6%+39.8%−16.6%+40.8%+41.7%48.2%0.38−92.2%—$2.9B—
CHRD Oil & Gas Exploration & ProductionChord Energy Corporation2/5 short0/3 long+9.2%+19.2%+21.9%+65.3%+77.0%+4.9%+117%—39.1%0.59−53.9%—$8.3B—
MTDR Oil & Gas Exploration & ProductionMatador Resources Company0/5 short0/3 long+6.2%+8.3%+3.2%+35.4%+36.6%−5.3%+39.7%+168%46.3%0.38−96.5%—$7.1B—
DVN Oil & Gas Exploration & ProductionDevon Energy Corporation0/5 short0/3 long+5.9%+15.8%+13.6%+35.6%+61.8%+15.0%+56.0%+69.6%39.9%0.42−88.5%—$55B—
CRK Oil & Gas Exploration & ProductionComstock Resources, Inc.0/5 short0/3 long+8.4%+9.5%−15.9%−40.1%−21.9%+16.3%+54.8%+45.7%57.7%0.44−68.6%—$4.1B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation0/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
MGY Oil & Gas Exploration & ProductionMagnolia Oil & Gas Corporation0/5 short0/3 long+4.9%+0.4%−7.8%+15.5%+14.0%+18.4%+35.9%—38.9%0.35−77.8%—$6.0B—
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How did COP do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where COP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with COP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of COP; gray means the two finished within a fraction of a point. The rank row places COP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of COP20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
COP This pageConocoPhillips—−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%+24.2%+13.6%−9.8%+13.1%
Rank among alternativesTop quarter in 7 of 2915 of 2318 of 2311 of 237 of 2314 of 2312 of 2211 of 221 of 226 of 2115 of 2011 of 205 of 2010 of 196 of 177 of 174 of 1714 of 1711 of 1713 of 164 of 1612 of 1611 of 167 of 1613 of 163 of 1511 of 146 of 144 of 149 of 14
SPY S&P 500State Street SPDR S&P 500 ETF16 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
VLO Valero Energy Corporation15 of 29+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%−20.3%−68.5%+37.9%−0.4%+128%+97.9%+26.6%−2.1%+3.6%+88.6%−4.8%−31.5%+209%
PR Permian Resources Corporation4 of 9+1.9%+10.8%+49.5%+57.7%+299%−67.6%−58.0%−44.4%+0.4%————————————————————
CNQ Canadian Natural Resources Limited14 of 25+15.5%−1.3%+23.7%+39.9%+83.3%−19.1%+39.6%−28.9%+15.0%+51.6%−27.4%−6.8%+19.1%−21.7%−15.2%+24.4%+81.4%−44.9%+38.1%+7.6%+133%+71.3%+72.2%+24.3%−10.9%————
WMB The Williams Companies, Inc.17 of 29+14.9%+62.4%+11.8%+32.9%+38.4%−8.2%+14.2%−23.9%+2.0%+31.2%−39.2%+21.3%+22.8%+29.9%+37.3%+20.2%+49.6%−58.8%+38.8%+14.3%+49.2%+106%+457%−75.2%−31.0%+32.3%−0.5%+11.4%+54.4%
CVX Chevron Corporation14 of 29+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%+8.1%−18.3%+30.5%+33.7%+11.5%+25.6%+35.4%−23.2%+9.4%+0.6%+7.2%+11.1%+22.1%
XOM Exxonmobil Holdings Corporation12 of 29+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%−12.6%−13.1%+24.3%+39.1%+11.8%+28.1%+20.7%−8.9%−7.5%+10.2%+12.7%+22.5%+28.3%
EQT EQT Corporation16 of 29+17.6%+21.4%+16.2%+57.6%+71.6%+17.3%−41.9%−38.7%−12.8%+25.7%−31.1%−15.6%+52.5%+9.4%+24.2%+4.3%+34.0%−35.9%+29.9%+16.4%+24.0%+45.4%+25.5%+5.0%+3.7%+105%+19.0%−14.3%+23.8%
OVV Ovintiv Inc.13 of 24−0.3%−5.2%−10.9%+53.3%+138%−34.8%−17.6%−56.4%+14.2%+132%−62.1%−22.0%−5.2%+10.8%−34.3%−7.8%+697%−28.6%+51.8%+3.3%+60.1%+47.1%+29.4%+22.0%—————
APA APA Corporation12 of 29+11.5%−33.5%−21.2%+76.4%+90.7%−43.7%+1.1%−36.4%−32.2%+45.7%−27.7%−26.3%+10.5%−12.7%−23.6%+16.3%+39.5%−30.2%+62.9%−2.3%+36.2%+25.4%+50.3%+15.2%−21.2%+90.5%+47.1%−27.2%+0.7%
RRC Range Resources Corporation16 of 29−1.0%+19.3%+23.0%+41.1%+166%+38.1%−48.7%−43.6%−50.2%+40.0%−53.8%−36.5%+34.5%+1.7%+38.1%−9.5%+45.5%−32.8%+87.7%+4.6%+93.7%+117%+75.0%+18.7%−33.7%+115%−6.3%−78.2%−4.6%
FANG Diamondback Energy, Inc.8 of 13−5.6%+10.3%+19.7%+35.4%+127%−46.0%+0.9%−26.4%+24.9%+51.1%+11.9%+13.0%+177%————————————————
EOG EOG Resources, Inc.13 of 29−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%−5.5%+47.4%−25.0%+43.6%−14.6%+106%+55.3%+16.1%+2.5%−28.1%+212%+2.5%−18.0%−15.5%
AR Antero Resources Corporation5 of 12−1.7%+54.5%−26.8%+77.1%+221%+91.2%−69.7%−50.6%−19.7%+8.5%−46.3%−36.0%—————————————————
SM SM Energy Company15 of 29−49.7%+1.8%+13.1%+18.6%+382%+10.2%−26.1%−29.3%−35.3%+76.5%−48.8%−53.5%+59.6%−28.3%+24.3%+73.0%+70.1%−47.1%+5.4%+0.5%+77.6%+47.3%+15.0%+19.1%−35.8%+171%+35.4%−45.9%+43.0%
NOG Northern Oil and Gas, Inc.5 of 18−38.2%+4.9%+25.6%+54.5%+137%−62.6%+3.6%+10.2%−25.5%−28.8%−31.7%−62.5%−10.4%−29.9%−11.9%+130%+355%−62.6%———————————
CHRD Chord Energy Corporation2 of 5−16.4%−25.0%+31.8%+34.1%+261%————————————————————————
MTDR Matador Resources Company9 of 13−22.3%+0.4%+0.5%+55.8%+207%−32.9%+15.7%−50.1%+20.9%+30.3%−2.3%+8.5%+127%————————————————
DVN Devon Energy Corporation11 of 29+15.0%−25.2%−21.8%+50.9%+196%−35.2%+16.7%−45.1%−8.8%+45.0%−46.6%+0.4%+20.7%−15.0%−20.3%+7.8%+13.1%−25.6%+33.5%+8.1%+61.6%+36.7%+25.4%+19.3%−36.4%+86.3%+7.8%−19.8%+11.3%
CRK Comstock Resources, Inc.8 of 29+27.2%+106%−32.4%+70.7%+85.3%−46.9%+81.8%−46.5%−14.1%+5.4%−72.5%−61.5%+23.8%−1.2%−37.7%−39.5%−14.1%+39.0%+9.5%+1.8%+38.4%+14.2%+108%+32.7%−52.5%+413%−6.1%−74.3%−8.2%
OXY Occidental Petroleum Corporation12 of 29−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%+22.7%+38.4%−20.7%+60.2%+24.2%+39.2%+41.3%+53.1%+11.0%+13.4%+17.7%+35.7%−39.8%+30.3%
SLB Slb N.V.13 of 29+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%+43.9%+34.9%−41.6%+63.2%
MGY Magnolia Oil & Gas Corporation3 of 8−3.8%+12.2%−7.3%+26.5%+169%−43.9%+12.3%+15.0%—————————————————————
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Risk and diversification

How COP has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were COP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents COP's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means COP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCOP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Late-2018 sell-off−70.7%−15.7%Oct 2018Mar 202017 monthsOct 202119 months
2008 financial crisis−62.4%−46.9%Jun 2008Mar 20099 monthsMay 20134.2 years
2015 China and oil sell-off−60.7%−5.1%Jul 2014Feb 201619 monthsSep 20182.6 years
No named crash−43.4%—Aug 1987Nov 19873 monthsMar 19884 months
No named crash−36.3%−3.0%Apr 2024Apr 202512 monthsMar 202611 months

How did COP do in stock market crashes?

This section measures how far COP, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than COP.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
COP This pageConocoPhillips—−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
SPY S&P 500State Street SPDR S&P 500 ETF8 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VLO Valero Energy Corporation4 of 10−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PR Permian Resources Corporation1 of 5−8.2%−44.3%−90.1%−55.9%−7.9%—————
CNQ Canadian Natural Resources Limited3 of 9−5.8%−32.2%−74.4%−32.1%−11.7%−38.1%−36.9%−0.2%−74.8%—
WMB The Williams Companies, Inc.5 of 10−3.4%−23.0%−57.0%−25.4%−7.0%−78.9%−26.7%−3.4%−75.3%−98.0%
CVX Chevron Corporation10 of 10−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
XOM Exxonmobil Holdings Corporation6 of 10−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
EQT EQT Corporation2 of 10−5.9%−36.4%−36.4%−36.6%−11.9%−39.3%−24.4%−2.1%−69.3%−31.6%
OVV Ovintiv Inc.1 of 9−9.6%−36.5%−86.4%−62.0%−11.9%−63.3%−38.5%−0.1%−63.9%—
APA APA Corporation1 of 10−10.3%−40.1%−84.9%−48.2%−13.1%−36.1%−40.5%−2.5%−64.8%−47.1%
RRC Range Resources Corporation3 of 10−5.4%−35.8%−40.6%−48.9%−7.8%−47.4%−21.8%−5.1%−64.1%−42.2%
FANG Diamondback Energy, Inc.1 of 6−7.7%−33.5%−80.3%−38.7%−9.8%−29.3%————
EOG EOG Resources, Inc.1 of 10−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
AR Antero Resources Corporation2 of 6−8.4%−40.3%−56.2%−53.4%−8.9%−31.6%————
SM SM Energy Company1 of 10−3.6%−44.1%−77.1%−59.5%−11.8%−76.4%−31.1%−3.4%−82.0%−57.0%
NOG Northern Oil and Gas, Inc.0 of 9−8.3%−39.0%−65.5%−55.0%−26.7%−57.7%−45.7%−4.8%−86.7%—
CHRD Chord Energy Corporation0 of 2−5.9%−35.8%————————
MTDR Matador Resources Company0 of 6−9.5%−34.6%−90.8%−58.7%−10.3%−54.8%————
DVN Devon Energy Corporation0 of 10−8.3%−33.6%−75.9%−49.4%−13.4%−55.2%−36.6%−2.3%−68.6%−52.9%
CRK Comstock Resources, Inc.1 of 10−9.7%−48.1%−39.0%−53.5%−17.5%−73.3%−56.8%−4.1%−68.9%−62.9%
OXY Occidental Petroleum Corporation7 of 10−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
SLB Slb N.V.1 of 10−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
MGY Magnolia Oil & Gas Corporation1 of 5−6.6%−38.1%−63.6%−33.6%−0.6%—————
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How closely does COP move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares COP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than COP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
COP This pageConocoPhillips94%92%1.020.91
VLO Valero Energy Corporation142%114%1.241.31
WMB The Williams Companies, Inc.85%78%1.081.02
CNQ Canadian Natural Resources Limited110%109%1.011.13
XOM Exxonmobil Holdings Corporation78%83%0.940.76
CVX Chevron Corporation86%94%0.910.89
FANG Diamondback Energy, Inc.108%148%0.731.54
EOG EOG Resources, Inc.92%135%0.691.17
CRK Comstock Resources, Inc.74%110%0.670.90
MTDR Matador Resources Company156%239%0.652.70
SM SM Energy Company154%244%0.633.21
EQT EQT Corporation62%101%0.610.90
PR Permian Resources Corporation139%234%0.593.38
DVN Devon Energy Corporation118%199%0.591.80
OVV Ovintiv Inc.131%228%0.582.14
AR Antero Resources Corporation80%142%0.562.44
NOG Northern Oil and Gas, Inc.123%228%0.541.68
RRC Range Resources Corporation63%123%0.511.48
OXY Occidental Petroleum Corporation80%155%0.511.24
APA APA Corporation124%246%0.502.54
SLB Slb N.V.104%212%0.491.54
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What diversifies COP?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with COP's. Because such investments tend not to fall at the same time, pairing COP with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which COP lost money. The last two columns show a portfolio that is 80% COP and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202520242020201520082002199880/20 mix volatility80/20 mix annual return
COP ConocoPhillips (this page)1.00+131%0.68−2.3%−12.2%−36.0%−29.0%−39.9%−17.5%−9.8%30.4%+17.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.39+119%1.48+27.1%+15.9%−9.0%————25.1%+17.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.13+225%1.34+32.8%+29.8%+3.9%+7.7%−20.8%——24.8%+20.0%
SMH TechnologyVanEck Semiconductor ETF-0.13+323%0.97+49.2%+39.1%+55.5%−0.3%−44.7%−47.0%—24.4%+23.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.14+85.0%0.96+23.1%+13.4%+2.1%+4.1%———24.7%+17.4%
GLD CommoditiesSPDR Gold Shares0.07+126%0.96+63.7%+26.7%+24.8%−10.7%+4.9%——24.8%+18.5%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.03+136%0.93+26.6%+45.8%+28.2%————24.6%+19.3%
DFIV InternationalDimensional - International Value ETF0.40+99.4%0.93+45.4%+7.2%—————25.7%+17.6%
VTV Broad MarketVanguard Morningstar Value ETF0.38+76.6%0.90+15.3%+16.0%+2.3%−1.0%−35.9%——25.5%+17.0%

Stocks

InvestmentCorrelation5Y returnSharpe202520242020201520082002199880/20 mix volatility80/20 mix annual return
COP ConocoPhillips (this page)1.00+131%0.68−2.3%−12.2%−36.0%−29.0%−39.9%−17.5%−9.8%30.4%+17.3%
CAH Medical - DistributionCardinal Health, Inc.0.07+479%1.55+76.3%+19.0%+10.1%+12.6%−39.6%−8.3%+51.7%25.3%+22.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.03+3,143%1.47+220%+215%−2.4%−6.0%−20.5%−65.1%—27.3%+36.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.02+1,636%1.46+121%+107%+6.7%+67.7%−15.2%−9.4%−9.5%25.8%+31.9%
MCK Medical - DistributionMcKesson Corporation0.25+413%1.44+44.5%+23.7%+27.1%−4.5%−40.4%−27.2%+46.9%26.0%+21.6%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.02+594%1.36+87.9%+103%−7.2%−36.3%−67.4%−33.1%+7.0%25.4%+25.0%
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Common questions

What was COP's worst drawdown?

COP's deepest decline since it began trading in 1986 was 70.7%, from October 2018 to March 2020. It took 19 months from the low to climb back to its old high.

What were COP's best and worst years?

Over 29 full calendar years, COP's best year was 2021, when it returned 87.1%. Its worst was 2008, with a return of -39.9%.

Is there a better investment than COP?

Among COP's popular alternatives, XOM, CVX and WMB earned more than COP with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 18.2% a year at 32.6%. Looking beyond its popular alternatives, E (integrated oil & gas) and LNG (oil & gas) earned more than COP with less volatility over the past 5 years. E returned 23.0% a year at 25.6% volatility, against 18.2% a year at 32.6%.

Is COP more volatile than the S&P 500?

Yes. COP's volatility over the past 5 years was 32.6%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, COP's return lands within 32.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is COP's Sharpe ratio?

COP's Sharpe ratio over the past 5 years was 0.68, against 0.79 for the S&P 500, so COP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is COP with the S&P 500?

Over the past 5 years, COP's monthly returns had a correlation of 0.13 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against COP instead: the lower it is, the more that option would diversify a COP holding.

What are the best alternatives to COP?

Of the 22 popular alternatives we compared, two outperformed COP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: VLO and PR.

Did COP outperform the S&P 500?

COP finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned -2.3%, against +17.7% for the index.

How did COP do in stock market crashes?

COP fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when COP fell 43.4% and the S&P 500 fell 12.8%.

What diversifies COP?

These had a low correlation with COP over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.39), DXJ (correlation 0.13) and SMH (correlation -0.13); among large stocks, CAH (correlation 0.07), CLS (correlation 0.03) and FIX (correlation -0.02). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to COP

Other stocks and ETFs