CNQ vs VET: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Vermilion Energy Inc. Common (Canada) (VET) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and VET?
Across a 3-year window, the weekly returns of CNQ and VET correlate at 0.77, strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 992.3 %².
By 3-year correlation, VET places #4 of the 20 assets tracked against CNQ. The trailing year gives VET the advantage: +62.2% versus +68.4%, a 6.2-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 VET: side by side
| CNQ (Canadian Natural Resources Limited) | VET (Vermilion Energy Inc. Common (Canada)) | |
|---|---|---|
| 1-year return | +62.2% | +68.4% |
| 5-year return | +281.3% | +115.2% |
| Volatility (ann.) | 29.4% | 43.6% |
| Beta vs S&P 500 | 0.06 | 0.31 |
| Max drawdown (3Y) | -35.9% | -63.4% |
| Market cap | $102.6B | $1.9B |
| P/E (trailing) | 12.3 | – |
| Dividend yield | 4.89% | 4.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | VET |
|---|---|---|
| 2022 | +42.9% | +42.1% |
| 2023 | +23.7% | -30.3% |
| 2024 | -1.3% | -19.4% |
| 2025 | +12.6% | -9.1% |
| 2026 | +50.0% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and VET good diversifiers for each other?
To a limited degree. At 0.77 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 VET?
As of 2026-08-27, the correlation of weekly returns between CNQ and VET is 0.77 over 3 years, 0.77 over 1 year and 0.74 over 5 years.
Is VET a good diversifier for CNQ?
To a limited degree. At 0.77 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 0.77 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-vet.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnq-vs-vet/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNQ correlations · VET correlations
