CNQ vs CVE: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Cenovus Energy Inc (CVE) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and CVE?
Across a 3-year window, the weekly returns of CNQ and CVE correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Stretching to 5 years gives 0.84, with an annualized covariance of 864.0 %².
Few assets follow CNQ as closely as CVE, which ranks #1 of 20 tracked partners. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 27.3 percentage points (+62.2% for CNQ 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.
CNQ vs CVE: side by side
| CNQ (Canadian Natural Resources Limited) | CVE (Cenovus Energy Inc) | |
|---|---|---|
| 1-year return | +62.2% | +89.5% |
| 5-year return | +281.3% | +329.0% |
| Volatility (ann.) | 29.4% | 35.6% |
| Beta vs S&P 500 | 0.06 | 0.18 |
| Max drawdown (3Y) | -35.9% | -49.6% |
| Market cap | $102.6B | $58.5B |
| P/E (trailing) | 12.3 | 12.1 |
| Dividend yield | 4.89% | 2.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | CVE |
|---|---|---|
| 2022 | +42.9% | +60.9% |
| 2023 | +23.7% | -12.3% |
| 2024 | -1.3% | -5.8% |
| 2025 | +12.6% | +13.9% |
| 2026 | +50.0% | +89.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and CVE good diversifiers for each other?
No: a correlation of 0.82 means CNQ and CVE tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CNQ and CVE?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.86 over the last year and 0.84 over 5 years.
Is CVE a good diversifier for CNQ?
No: a correlation of 0.82 means CNQ and CVE tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnq-vs-cve.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnq-vs-cve/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNQ correlations · CVE correlations
