CLMT vs CVE: Correlation
How closely do Calumet, Inc (CLMT) and Cenovus Energy Inc (CVE) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLMT and CVE?
Over the past 3 years, CLMT and CVE moved with a correlation of 0.47, which is moderate. The link has loosened recently: the 1-year correlation (0.35) runs below the 3-year figure (0.47). Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 907.6 %².
Within CLMT's tracked universe of 10 assets, CVE comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CLMT outperformed by 93.4 percentage points (+182.9% for CLMT against +89.5% for CVE). One caveat on sizing: CLMT is 1.5 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.
CLMT vs CVE: side by side
| CLMT (Calumet, Inc) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +182.9% | +89.5% |
| 5-year return | +582.1% | +329.0% |
| Volatility (ann.) | 53.8% | 35.6% |
| Beta vs S&P 500 | 0.97 | 0.18 |
| Max drawdown (3Y) | -61.9% | -49.6% |
| Market cap | $4.0B | $58.5B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 0.00% | 2.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLMT | CVE |
|---|---|---|
| 2022 | +27.9% | +60.9% |
| 2023 | +5.9% | -12.3% |
| 2024 | +23.2% | -5.8% |
| 2025 | -9.8% | +13.9% |
| 2026 | +130.3% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLMT and CVE good diversifiers for each other?
Reasonably. At 0.47, CLMT and CVE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLMT and CVE?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.35 over the last year and 0.39 over 5 years.
Is CVE a good diversifier for CLMT?
Reasonably. At 0.47, CLMT and CVE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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/clmt-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clmt-vs-cve/)
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Related comparisons
Hubs: CLMT correlations · CVE correlations
