BAK vs CNQ: Correlation
Measured on weekly returns over the past three years, Braskem SA ADR (BAK) and Canadian Natural Resources Limited (CNQ) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAK and CNQ?
Over the past 3 years, BAK and CNQ moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 678.3 %².
In BAK's tracked universe of 11 assets, CNQ sits right near the top at #2. Correlation aside, the last 12 months split them widely, with CNQ ahead by 115.1 points (-52.9% versus +62.2%). Note the risk asymmetry: BAK runs 2.2 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.
BAK vs CNQ: side by side
| BAK (Braskem SA ADR) | CNQ (Canadian Natural Resources Limited) | |
|---|---|---|
| 1-year return | -52.9% | +62.2% |
| 5-year return | -91.9% | +281.3% |
| Volatility (ann.) | 63.5% | 29.4% |
| Beta vs S&P 500 | 0.83 | 0.06 |
| Max drawdown (3Y) | -86.4% | -35.9% |
| Market cap | $0.7B | $102.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | 0.00% | 4.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BAK | CNQ |
|---|---|---|
| 2022 | -54.7% | +42.9% |
| 2023 | -4.1% | +23.7% |
| 2024 | -56.2% | -1.3% |
| 2025 | -23.6% | +12.6% |
| 2026 | -44.4% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAK and CNQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BAK and CNQ?
The BAK/CNQ correlation stands at 0.36 on a 3-year window (1 year: 0.42, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is CNQ a good diversifier for BAK?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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
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Related comparisons
Hubs: BAK correlations · CNQ correlations
