PSX vs. CVX

Last updated Jun 3, 2026

PSX (Phillips 66) and CVX (Chevron Corporation) are both stocks. Both are in the Energy sector — PSX in Oil & Gas Refining & Marketing, CVX in Oil & Gas Integrated. Over the past 10 years, PSX returned 12.75%/yr vs 11.03%/yr for CVX. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

PSX vs. CVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Phillips 66 (PSX) and Chevron Corporation (CVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSX achieves a 43.67% return, which is significantly higher than CVX's 25.40% return. Over the past 10 years, PSX has outperformed CVX with an annualized return of 12.75%, while CVX has yielded a comparatively lower 11.03% annualized return.

PSX

• 1D: 1.29%
• 1M: 4.37%
• YTD: 43.67%
• 6M: 34.77%
• 1Y: 65.22%
• 3Y*: 27.76%
• 5Y*: 19.84%
• 10Y*: 12.75%

CVX

• 1D: 0.93%
• 1M: -0.71%
• YTD: 25.40%
• 6M: 27.20%
• 1Y: 41.76%
• 3Y*: 10.84%
• 5Y*: 16.44%
• 10Y*: 11.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PSX vs. CVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSX Phillips 66	43.67%	17.51%	-11.63%	33.07%	49.58%	8.51%	-33.85%	33.97%	-12.28%	20.94%
CVX Chevron Corporation	25.40%	10.10%	1.29%	-13.63%	58.46%	46.24%	-25.95%	15.27%	-9.75%	10.59%

Correlation

The correlation between PSX and CVX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 2, 2012	0.65

The correlation between PSX and CVX has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

Fundamentals

Market Cap PSX : $73.62B CVX : $372.46B
EPS PSX : $10.17 CVX : $5.75
PE Ratio PSX : 17.95 CVX : 32.60
PEG Ratio PSX : 0.10 CVX : 3.17
PS Ratio PSX : 0.55 CVX : 1.93
PB Ratio PSX : 2.58 CVX : 2.03
Total Revenue (TTM) PSX : $134.70B CVX : $185.89B
Gross Profit (TTM) PSX : $5.94B CVX : $47.27B
EBITDA (TTM) PSX : $9.17B CVX : $40.44B

Return for Risk

PSX vs. CVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PSX

PSX Risk / Return Rank: 87
PSX Sharpe Ratio Rank: 89
PSX Sortino Ratio Rank: 86
PSX Omega Ratio Rank: 85
PSX Calmar Ratio Rank: 86
PSX Martin Ratio Rank: 88

CVX

CVX Risk / Return Rank: 83
CVX Sharpe Ratio Rank: 86
CVX Sortino Ratio Rank: 82
CVX Omega Ratio Rank: 81
CVX Calmar Ratio Rank: 82
CVX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PSX vs. CVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Phillips 66 (PSX) and Chevron Corporation (CVX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PSX	CVX	Difference
Sharpe ratio Return per unit of total volatility	2.21	1.90	+0.31
Sortino ratio Return per unit of downside risk	2.87	2.49	+0.38
Omega ratio Gain probability vs. loss probability	1.36	1.32	+0.04
Calmar ratio Return relative to maximum drawdown	3.84	3.07	+0.77
Martin ratio Return relative to average drawdown	11.14	7.97	+3.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSX vs. CVX - Sharpe Ratio Comparison

The current PSX Sharpe Ratio is 2.21, which is comparable to the CVX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PSX and CVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PSX	CVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.90	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.66	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.38	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.37	+0.13

Drawdowns

PSX vs. CVX - Drawdown Comparison

The maximum PSX drawdown since its inception was -64.21%, which is greater than CVX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for PSX and CVX.

Drawdown Indicators

	PSX	CVX	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-55.77%	-8.44%
Max Drawdown (1Y) Largest decline over 1 year	-17.28%	-13.99%	-3.29%
Max Drawdown (3Y) Largest decline over 3 years	-44.37%	-20.64%	-23.73%
Max Drawdown (5Y) Largest decline over 5 years	-44.37%	-24.95%	-19.42%
Max Drawdown (10Y) Largest decline over 10 years	-64.21%	-55.77%	-8.44%
Current Drawdown Current decline from peak	-2.33%	-10.36%	+8.03%
Average Drawdown Average peak-to-trough decline	-14.75%	-11.39%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.96%	5.39%	+0.57%

Volatility

PSX vs. CVX - Volatility Comparison

Phillips 66 (PSX) has a higher volatility of 9.68% compared to Chevron Corporation (CVX) at 8.25%. This indicates that PSX's price experiences larger fluctuations and is considered to be riskier than CVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSX	CVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.68%	8.25%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	23.73%	17.81%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	29.65%	22.09%	+7.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.22%	25.12%	+8.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.32%	29.16%	+6.16%

Dividends

PSX vs. CVX - Dividend Comparison

PSX's dividend yield for the trailing twelve months is around 2.71%, less than CVX's 3.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVX Chevron Corporation	3.72%	4.49%	4.50%	4.05%	3.16%	4.52%	6.11%	3.95%	4.12%	3.45%	3.64%	4.76%
PSX Phillips 66	2.71%	3.68%	3.95%	3.15%	3.68%	5.00%	5.15%	3.14%	3.60%	2.70%	2.84%	2.67%

Financials

PSX vs. CVX - Profitability Comparison

The chart below illustrates the profitability comparison between Phillips 66 and Chevron Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PSX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Phillips 66 reported a gross profit of 0.00 and revenue of 33.00B. Therefore, the gross margin over that period was 0.0%.

CVX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a gross profit of 4.55B and revenue of 47.56B. Therefore, the gross margin over that period was 9.6%.

PSX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Phillips 66 reported an operating income of 0.00 and revenue of 33.00B, resulting in an operating margin of 0.0%.

CVX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported an operating income of 3.24B and revenue of 47.56B, resulting in an operating margin of 6.8%.

PSX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Phillips 66 reported a net income of 207.00M and revenue of 33.00B, resulting in a net margin of 0.6%.

CVX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a net income of 2.21B and revenue of 47.56B, resulting in a net margin of 4.7%.

Frequently Asked Questions

Can I hold both PSX and CVX in my portfolio?

PSX and CVX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSX or CVX?

PSX has higher volatility (9.68%) compared to CVX (8.25%). In terms of maximum drawdown, PSX dropped -64.21% vs CVX's -55.77%.

Which has better risk-adjusted returns?

PSX currently has the higher Sharpe Ratio (2.21 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.