APA vs CVE: Correlation
APA Corporation (APA) and Cenovus Energy Inc (CVE) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APA and CVE?
On 3 years of weekly data the APA/CVE correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 1167.6 %².
Within APA's tracked universe of 43 assets, CVE comes in at #9 by 3-year correlation. Neither side won the trailing year by much: +94.1% against +89.5%.
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.
APA vs CVE: side by side
| APA (APA Corporation) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +94.1% | +89.5% |
| 5-year return | +164.2% | +329.0% |
| Volatility (ann.) | 41.8% | 35.6% |
| Beta vs S&P 500 | 0.38 | 0.18 |
| Max drawdown (3Y) | -67.4% | -49.6% |
| Market cap | $14.8B | $58.5B |
| P/E (trailing) | 8.7 | 12.1 |
| Dividend yield | 2.43% | 2.60% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | APA | CVE |
|---|---|---|
| 2022 | +76.4% | +60.9% |
| 2023 | -21.2% | -12.3% |
| 2024 | -33.4% | -5.8% |
| 2025 | +11.5% | +13.9% |
| 2026 | +77.3% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APA and CVE good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between APA and CVE?
As of 2026-08-27, the correlation of weekly returns between APA and CVE is 0.78 over 3 years, 0.71 over 1 year and 0.81 over 5 years.
Is CVE a good diversifier for APA?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apa-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apa-vs-cve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APA correlations · CVE correlations
