CNQ vs SU: Correlation
Canadian Natural Resources Limited (CNQ) and Suncor Energy Inc. (SU) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and SU?
Across a 3-year window, the weekly returns of CNQ and SU correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 686.3 %².
SU is one of the assets that tracks CNQ most closely: it ranks #2 out of the 20 assets we track against CNQ. Neither side won the trailing year by much: +62.2% against +64.3%.
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 SU: side by side
| CNQ (Canadian Natural Resources Limited) | SU (Suncor Energy Inc.) | |
|---|---|---|
| 1-year return | +62.2% | +64.3% |
| 5-year return | +281.3% | +325.4% |
| Volatility (ann.) | 29.4% | 29.1% |
| Beta vs S&P 500 | 0.06 | 0.13 |
| Max drawdown (3Y) | -35.9% | -22.7% |
| Market cap | $102.6B | $78.4B |
| P/E (trailing) | 12.3 | 12.1 |
| Dividend yield | 4.89% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | SU |
|---|---|---|
| 2022 | +42.9% | +32.3% |
| 2023 | +23.7% | +6.0% |
| 2024 | -1.3% | +16.2% |
| 2025 | +12.6% | +27.1% |
| 2026 | +50.0% | +51.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and SU good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CNQ and SU?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.78 over the last year and 0.80 over 5 years.
Is SU a good diversifier for CNQ?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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-su.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cnq-vs-su/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNQ correlations · SU correlations
