BND vs CVE: Correlation
How closely do Vanguard Total Bond Market ETF (BND) and Cenovus Energy Inc (CVE) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BND and CVE?
Across a 3-year window, the weekly returns of BND and CVE correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.26). Stretching to 5 years gives -0.18, with an annualized covariance of -48.7 %².
By 3-year correlation, CVE places #28 of the 33 assets tracked against BND. The last year tells two different stories: CVE led by 87.2 percentage points, +2.3% for BND against +89.5% for CVE. Note the risk asymmetry: CVE runs 6.8 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.
BND vs CVE: side by side
| BND (Vanguard Total Bond Market ETF) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +2.3% | +89.5% |
| 5-year return | -1.3% | +329.0% |
| Volatility (ann.) | 5.2% | 35.6% |
| Beta vs S&P 500 | 0.06 | 0.18 |
| Max drawdown (3Y) | -4.7% | -49.6% |
| Market cap | – | $58.5B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | – | 2.60% |
| Sector / category | ETF · Bonds | US Listed |
Year-by-year returns
| Year | BND | CVE |
|---|---|---|
| 2022 | -13.1% | +60.9% |
| 2023 | +5.7% | -12.3% |
| 2024 | +1.4% | -5.8% |
| 2025 | +7.1% | +13.9% |
| 2026 | +0.2% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BND and CVE good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between BND and CVE?
The BND/CVE correlation stands at -0.26 on a 3-year window (1 year: -0.51, 5 years: -0.18), computed from weekly returns as of 2026-08-27.
Is CVE a good diversifier for BND?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
A reading of -0.26 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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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BND correlations · CVE correlations
