CNQ vs DJP: Correlation
Canadian Natural Resources Limited (CNQ) and iPath Bloomberg Commodity Index Total Return ETN (DJP) show a moderate relationship: their 3-year correlation of weekly returns is 0.55.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and DJP?
Across a 3-year window, the weekly returns of CNQ and DJP correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 263.0 %².
Within CNQ's tracked universe of 20 assets, DJP comes in at #9 by 3-year correlation. On 12-month performance CNQ holds a 13.0-point edge, +62.2% against +49.2%. One caveat on sizing: CNQ 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.
CNQ vs DJP: side by side
| CNQ (Canadian Natural Resources Limited) | DJP (iPath Bloomberg Commodity Index Total Return ETN) | |
|---|---|---|
| 1-year return | +62.2% | +49.2% |
| 5-year return | +281.3% | +82.1% |
| Volatility (ann.) | 29.4% | 16.3% |
| Beta vs S&P 500 | 0.06 | 0.11 |
| Max drawdown (3Y) | -35.9% | -16.4% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 4.89% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | DJP |
|---|---|---|
| 2022 | +42.9% | +17.5% |
| 2023 | +23.7% | -9.8% |
| 2024 | -1.3% | +5.6% |
| 2025 | +12.6% | +17.2% |
| 2026 | +50.0% | +34.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and DJP good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CNQ and DJP?
The CNQ/DJP correlation stands at 0.55 on a 3-year window (1 year: 0.49, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is DJP a good diversifier for CNQ?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 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
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Related comparisons
Hubs: CNQ correlations · DJP correlations
