CNQ vs OVV: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Ovintiv Inc. (DE) (OVV) 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 OVV?
On 3 years of weekly data the CNQ/OVV correlation comes out at 0.76, strong. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 815.6 %².
Within CNQ's tracked universe of 20 assets, OVV comes in at #6 by 3-year correlation. Neither side won the trailing year by much: +62.2% against +61.2%.
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 OVV: side by side
| CNQ (Canadian Natural Resources Limited) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +62.2% | +61.2% |
| 5-year return | +281.3% | +175.7% |
| Volatility (ann.) | 29.4% | 36.4% |
| Beta vs S&P 500 | 0.06 | 0.43 |
| Max drawdown (3Y) | -35.9% | -42.2% |
| Market cap | $102.6B | $18.0B |
| P/E (trailing) | 12.3 | 18.0 |
| Dividend yield | 4.89% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | OVV |
|---|---|---|
| 2022 | +42.9% | +53.3% |
| 2023 | +23.7% | -10.9% |
| 2024 | -1.3% | -5.2% |
| 2025 | +12.6% | -0.3% |
| 2026 | +50.0% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and OVV good diversifiers for each other?
To a limited degree. At 0.76 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 OVV?
The CNQ/OVV correlation stands at 0.76 on a 3-year window (1 year: 0.81, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for CNQ?
To a limited degree. At 0.76 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 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnq-vs-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnq-vs-ovv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CNQ correlations · OVV correlations
