CNQ vs SPY: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and SPY?
Over the past 3 years, CNQ and SPY moved with a correlation of 0.03, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.39) than the 3-year average (0.03). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 12.8 %².
Among the 20 assets we track against CNQ, SPY ranks #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CNQ ahead by 41.6 points (+62.2% versus +20.6%). Risk is not evenly split, since CNQ carries 2.0 times the volatility of the other side.
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 SPY: side by side
| CNQ (Canadian Natural Resources Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.2% | +20.6% |
| 5-year return | +281.3% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -35.9% | -18.8% |
| Market cap | $102.6B | – |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 4.89% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CNQ | SPY |
|---|---|---|
| 2022 | +42.9% | -18.2% |
| 2023 | +23.7% | +26.2% |
| 2024 | -1.3% | +24.9% |
| 2025 | +12.6% | +17.7% |
| 2026 | +50.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between CNQ and SPY?
The CNQ/SPY correlation stands at 0.03 on a 3-year window (1 year: -0.39, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNQ?
By historical standards, yes. A correlation of 0.03 means the two rarely move for the same reasons.
What does a correlation of 0.03 mean?
A reading of 0.03 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: CNQ correlations · SPY correlations
