CNQ vs E: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and ENI S.p.A. (E) carry a correlation of 0.70, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and E?
Across a 3-year window, the weekly returns of CNQ and E correlate at 0.70, strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 463.3 %².
By 3-year correlation, E places #7 of the 20 assets tracked against CNQ. On 12-month performance CNQ holds a 8.9-point edge, +62.2% against +53.3%.
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 E: side by side
| CNQ (Canadian Natural Resources Limited) | E (ENI S.p.A.) | |
|---|---|---|
| 1-year return | +62.2% | +53.3% |
| 5-year return | +281.3% | +193.3% |
| Volatility (ann.) | 29.4% | 22.4% |
| Beta vs S&P 500 | 0.06 | 0.04 |
| Max drawdown (3Y) | -35.9% | -20.1% |
| Market cap | $102.6B | $76.7B |
| P/E (trailing) | 12.3 | 11.9 |
| Dividend yield | 4.89% | 0.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | E |
|---|---|---|
| 2022 | +42.9% | +10.9% |
| 2023 | +23.7% | +26.7% |
| 2024 | -1.3% | -14.0% |
| 2025 | +12.6% | +43.8% |
| 2026 | +50.0% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and E good diversifiers for each other?
To a limited degree. At 0.70 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 E?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.78 over the last year and 0.70 over 5 years.
Is E a good diversifier for CNQ?
To a limited degree. At 0.70 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 0.70 mean?
On the −1 to +1 scale, 0.70 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-e.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnq-vs-e/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNQ correlations · E correlations
