CNQ vs MTR: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Mesa Royalty Trust (MTR) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and MTR?
Over the past 3 years, CNQ and MTR moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 527.9 %².
By 3-year correlation, MTR places #12 of the 20 assets tracked against CNQ. Their recent paths diverged sharply: over the last 12 months CNQ outperformed by 119.8 percentage points (+62.2% for CNQ against -57.6% for MTR). One caveat on sizing: MTR is 1.6 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 MTR: side by side
| CNQ (Canadian Natural Resources Limited) | MTR (Mesa Royalty Trust) | |
|---|---|---|
| 1-year return | +62.2% | -57.6% |
| 5-year return | +281.3% | -45.0% |
| Volatility (ann.) | 29.4% | 47.8% |
| Beta vs S&P 500 | 0.06 | 0.01 |
| Max drawdown (3Y) | -35.9% | -87.3% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | 11.5 |
| Dividend yield | 4.89% | 6.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | MTR |
|---|---|---|
| 2022 | +42.9% | +310.9% |
| 2023 | +23.7% | -35.4% |
| 2024 | -1.3% | -54.1% |
| 2025 | +12.6% | -23.6% |
| 2026 | +50.0% | -45.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and MTR good diversifiers for each other?
Reasonably. At 0.38, CNQ and MTR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNQ and MTR?
As of 2026-08-27, the correlation of weekly returns between CNQ and MTR is 0.38 over 3 years, 0.26 over 1 year and 0.43 over 5 years.
Is MTR a good diversifier for CNQ?
Reasonably. At 0.38, CNQ and MTR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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-mtr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnq-vs-mtr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNQ correlations · MTR correlations
