CNQ vs EOG: Correlation
Canadian Natural Resources Limited (CNQ) and EOG Resources (EOG) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and EOG?
Over the past 3 years, CNQ and EOG moved with a correlation of 0.77, which is strong. Recent behaviour matches the longer record: 0.84 over 1 year against 0.77 over 3. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 639.3 %².
EOG is one of the assets that tracks CNQ most closely: it ranks #3 out of the 20 assets we track against CNQ. Correlation aside, the last 12 months split them widely, with CNQ ahead by 40.5 points (+62.2% versus +21.7%).
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 EOG: side by side
| CNQ (Canadian Natural Resources Limited) | EOG (EOG Resources) | |
|---|---|---|
| 1-year return | +62.2% | +21.7% |
| 5-year return | +281.3% | +171.5% |
| Volatility (ann.) | 29.4% | 28.1% |
| Beta vs S&P 500 | 0.06 | 0.14 |
| Max drawdown (3Y) | -35.9% | -23.7% |
| Market cap | $102.6B | $75.8B |
| P/E (trailing) | 12.3 | 11.3 |
| Dividend yield | 4.89% | 2.82% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CNQ | EOG |
|---|---|---|
| 2022 | +42.9% | +56.9% |
| 2023 | +23.7% | -2.0% |
| 2024 | -1.3% | +4.3% |
| 2025 | +12.6% | -11.4% |
| 2026 | +50.0% | +41.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and EOG good diversifiers for each other?
To a limited degree. At 0.77 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 EOG?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.84 over the last year and 0.80 over 5 years.
Is EOG a good diversifier for CNQ?
To a limited degree. At 0.77 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 0.77 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/cnq-vs-eog.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnq-vs-eog/)
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Related comparisons
Hubs: CNQ correlations · EOG correlations
