AGG vs CVE: Correlation
Measured on weekly returns over the past three years, iShares Core US Aggregate Bond ETF (AGG) and Cenovus Energy Inc (CVE) carry a correlation of -0.27, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGG and CVE?
Over the past 3 years, AGG and CVE moved with a correlation of -0.27, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.51 versus -0.27 over 3 years. Over 5 years the correlation is -0.17, and the annualized covariance of weekly returns is -50.1 %².
Among the 34 assets we track against AGG, CVE sits near the bottom by co-movement, at rank #30. The last year tells two different stories: CVE led by 87.2 percentage points, +2.3% for AGG against +89.5% for CVE. Note the risk asymmetry: CVE runs 6.7 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.
AGG vs CVE: side by side
| AGG (iShares Core US Aggregate Bond ETF) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +2.3% | +89.5% |
| 5-year return | -1.1% | +329.0% |
| Volatility (ann.) | 5.3% | 35.6% |
| Beta vs S&P 500 | 0.07 | 0.18 |
| Max drawdown (3Y) | -4.8% | -49.6% |
| Market cap | – | $58.5B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 4.05% | 2.60% |
| Expense ratio | 0.03% | – |
| Assets under management | $137.1B | – |
| Sector / category | ETF · Bonds | US Listed |
On the fund side, AGG sits in the Intermediate Core Bond category at iShares, with $137.1B under management, a 0.03% expense ratio, a 4.05% trailing dividend yield.
Year-by-year returns
| Year | AGG | CVE |
|---|---|---|
| 2022 | -13.0% | +60.9% |
| 2023 | +5.7% | -12.3% |
| 2024 | +1.3% | -5.8% |
| 2025 | +7.2% | +13.9% |
| 2026 | +0.3% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGG and CVE good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between AGG and CVE?
As of 2026-08-27, the correlation of weekly returns between AGG and CVE is -0.27 over 3 years, -0.51 over 1 year and -0.17 over 5 years.
Is CVE a good diversifier for AGG?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
A reading of -0.27 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agg-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AGG correlations · CVE correlations
