CNQ vs WAY: Correlation
Measured on weekly returns over the past three years, Canadian Natural Resources Limited (CNQ) and Waystar Holding Corp. (WAY) carry a correlation of -0.28, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNQ and WAY?
Across a 3-year window, the weekly returns of CNQ and WAY correlate at -0.28, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.28 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of -366.8 %².
WAY is close to the least connected end of CNQ's tracked universe, ranking #20 of 20. Correlation aside, the last 12 months split them widely, with CNQ ahead by 94.3 points (+62.2% versus -32.1%).
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 WAY: side by side
| CNQ (Canadian Natural Resources Limited) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +62.2% | -32.1% |
| 5-year return | +281.3% | n/a |
| Volatility (ann.) | 29.4% | 43.8% |
| Beta vs S&P 500 | 0.06 | 1.07 |
| Max drawdown (3Y) | -35.9% | -61.8% |
| Market cap | $102.6B | $4.8B |
| P/E (trailing) | 12.3 | 34.6 |
| Dividend yield | 4.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNQ | WAY |
|---|---|---|
| 2022 | +42.9% | – |
| 2023 | +23.7% | – |
| 2024 | -1.3% | – |
| 2025 | +12.6% | -10.8% |
| 2026 | +50.0% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNQ and WAY good diversifiers for each other?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNQ and WAY?
The CNQ/WAY correlation stands at -0.28 on a 3-year window (1 year: -0.43, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for CNQ?
Yes: at -0.28, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.28 mean?
On the −1 to +1 scale, -0.28 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-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cnq-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNQ correlations · WAY correlations
