RE: Comparables vs. Correlation To claim there is no correlation between share price and oil price for an oil company is palpably horse doo doo. Take oil prices to zero and SP will go down, Take oil prices to $150, SP will rise. Sometimes the correlation is stronger than others and right now there is a lot of noise and uncertainty but no matter how you bleat there is still correlation. Let me take it a step further - long term, oil price is the strongest influence (i.e. correlatiedness) on your average companies share price.