AAL vs CNQ: Correlation
How closely do American Airlines Group, Inc. (AAL) and Canadian Natural Resources Limited (CNQ) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and CNQ?
Over the past 3 years, AAL and CNQ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.55) than the 3-year average (-0.25). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -329.5 %².
Within AAL's tracked universe of 22 assets, CNQ comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CNQ outperformed by 57.7 percentage points (+4.5% for AAL against +62.2% for CNQ). Note the risk asymmetry: AAL runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAL vs CNQ: side by side
| AAL (American Airlines Group, Inc.) | CNQ (Canadian Natural Resources Limited) | |
|---|---|---|
| 1-year return | +4.5% | +62.2% |
| 5-year return | -29.7% | +281.3% |
| Volatility (ann.) | 45.3% | 29.4% |
| Beta vs S&P 500 | 1.29 | 0.06 |
| Max drawdown (3Y) | -51.4% | -35.9% |
| Market cap | $9.1B | $102.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | 0.00% | 4.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAL | CNQ |
|---|---|---|
| 2022 | -29.2% | +42.9% |
| 2023 | +8.0% | +23.7% |
| 2024 | +26.9% | -1.3% |
| 2025 | -12.0% | +12.6% |
| 2026 | -10.5% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and CNQ good diversifiers for each other?
Yes. With a correlation of -0.25, AAL and CNQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between AAL and CNQ?
The AAL/CNQ correlation stands at -0.25 on a 3-year window (1 year: -0.55, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is CNQ a good diversifier for AAL?
Yes. With a correlation of -0.25, AAL and CNQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aal-vs-cnq.json
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Related comparisons
Hubs: AAL correlations · CNQ correlations
