BP vs CVE: Correlation
Measured on weekly returns over the past three years, BP p.l.c. (BP) and Cenovus Energy Inc (CVE) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BP and CVE?
Over the past 3 years, BP and CVE moved with a correlation of 0.77, which is strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.77 over 3. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 726.8 %².
CVE is one of the assets that tracks BP most closely: it ranks #1 out of the 26 assets we track against BP. The last year tells two different stories: CVE led by 61.9 percentage points, +27.6% for BP against +89.5% for CVE.
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.
BP vs CVE: side by side
| BP (BP p.l.c.) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +27.6% | +89.5% |
| 5-year return | +119.9% | +329.0% |
| Volatility (ann.) | 26.6% | 35.6% |
| Beta vs S&P 500 | 0.06 | 0.18 |
| Max drawdown (3Y) | -30.6% | -49.6% |
| Market cap | $109.0B | $58.5B |
| P/E (trailing) | 20.3 | 12.1 |
| Dividend yield | 0.79% | 2.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BP | CVE |
|---|---|---|
| 2022 | +37.0% | +60.9% |
| 2023 | +6.0% | -12.3% |
| 2024 | -11.8% | -5.8% |
| 2025 | +24.5% | +13.9% |
| 2026 | +26.4% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BP and CVE good diversifiers for each other?
Only partially. A correlation of 0.77 means BP and CVE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BP and CVE?
As of 2026-08-27, the correlation of weekly returns between BP and CVE is 0.77 over 3 years, 0.77 over 1 year and 0.74 over 5 years.
Is CVE a good diversifier for BP?
Only partially. A correlation of 0.77 means BP and CVE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 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/bp-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bp-vs-cve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BP correlations · CVE correlations
