BTE vs CVE: Correlation
Measured on weekly returns over the past three years, Baytex Energy Corp (BTE) and Cenovus Energy Inc (CVE) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTE and CVE?
Across a 3-year window, the weekly returns of BTE and CVE correlate at 0.79, strong. The past 12 months show a weaker link (0.63) than the 3-year average (0.79). Stretching to 5 years gives 0.80, with an annualized covariance of 1289.7 %².
Few assets follow BTE as closely as CVE, which ranks #1 of 12 tracked partners. Their recent paths diverged sharply: over the last 12 months BTE outperformed by 33.3 percentage points (+122.8% for BTE 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.
BTE vs CVE: side by side
| BTE (Baytex Energy Corp) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +122.8% | +89.5% |
| 5-year return | +194.4% | +329.0% |
| Volatility (ann.) | 45.7% | 35.6% |
| Beta vs S&P 500 | 0.38 | 0.18 |
| Max drawdown (3Y) | -66.7% | -49.6% |
| Market cap | $3.4B | $58.5B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 1.92% | 2.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTE | CVE |
|---|---|---|
| 2022 | +46.0% | +60.9% |
| 2023 | -25.7% | -12.3% |
| 2024 | -20.6% | -5.8% |
| 2025 | +27.3% | +13.9% |
| 2026 | +50.3% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTE and CVE good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BTE and CVE?
As of 2026-08-27, the correlation of weekly returns between BTE and CVE is 0.79 over 3 years, 0.63 over 1 year and 0.80 over 5 years.
Is CVE a good diversifier for BTE?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 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/bte-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bte-vs-cve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BTE correlations · CVE correlations
