BRN vs CNQ: Correlation
Measured on weekly returns over the past three years, Barnwell Industries, Inc. (BRN) and Canadian Natural Resources Limited (CNQ) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BRN and CNQ?
On 3 years of weekly data the BRN/CNQ correlation comes out at 0.40, moderate. The past 12 months show a weaker link (0.27) than the 3-year average (0.40). The 5-year figure is 0.39, and annualized covariance runs at 622.2 %².
Among the 35 assets we track against BRN, CNQ ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CNQ ahead by 81.3 points (-19.1% versus +62.2%). One caveat on sizing: BRN is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BRN vs CNQ: side by side
| BRN (Barnwell Industries, Inc.) | CNQ (Canadian Natural Resources Limited) | |
|---|---|---|
| 1-year return | -19.1% | +62.2% |
| 5-year return | -58.9% | +281.3% |
| Volatility (ann.) | 53.1% | 29.4% |
| Beta vs S&P 500 | -0.22 | 0.06 |
| Max drawdown (3Y) | -68.5% | -35.9% |
| Market cap | – | $102.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | 0.00% | 4.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BRN | CNQ |
|---|---|---|
| 2022 | +2.8% | +42.9% |
| 2023 | -16.5% | +23.7% |
| 2024 | -37.9% | -1.3% |
| 2025 | -26.5% | +12.6% |
| 2026 | -14.0% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BRN and CNQ good diversifiers for each other?
Reasonably. At 0.40, BRN and CNQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BRN and CNQ?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.27 over the last year and 0.39 over 5 years.
Is CNQ a good diversifier for BRN?
Reasonably. At 0.40, BRN and CNQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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/brn-vs-cnq.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BRN correlations · CNQ correlations
