CNQ vs IMO: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Imperial Oil Limited (IMO) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and IMO?
Over the past 3 years, CNQ and IMO moved with a correlation of 0.76, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.76 over 3. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 644.3 %².
Among the 20 assets we track against CNQ, IMO ranks #5 by 3-year correlation. The trailing year gives CNQ the advantage: +62.2% versus +50.4%, a 11.8-point spread.
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 IMO: side by side
| CNQ (Canadian Natural Resources Limited) | IMO (Imperial Oil Limited) | |
|---|---|---|
| 1-year return | +62.2% | +50.4% |
| 5-year return | +281.3% | +468.0% |
| Volatility (ann.) | 29.4% | 28.8% |
| Beta vs S&P 500 | 0.06 | 0.24 |
| Max drawdown (3Y) | -35.9% | -22.9% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | 21.2 |
| Dividend yield | 4.89% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | IMO |
|---|---|---|
| 2022 | +42.9% | +38.0% |
| 2023 | +23.7% | +20.6% |
| 2024 | -1.3% | +10.5% |
| 2025 | +12.6% | +43.8% |
| 2026 | +50.0% | +54.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and IMO good diversifiers for each other?
Only partially. A correlation of 0.76 means CNQ and IMO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CNQ and IMO?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.71 over the last year and 0.79 over 5 years.
Is IMO a good diversifier for CNQ?
Only partially. A correlation of 0.76 means CNQ and IMO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 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.
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Related comparisons
Hubs: CNQ correlations · IMO correlations
