CVE vs DVN: Correlation
Cenovus Energy Inc (CVE) and Devon Energy (DVN) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and DVN?
On 3 years of weekly data the CVE/DVN correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 960.5 %².
Among the 30 assets we track against CVE, DVN ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CVE ahead by 53.6 points (+89.5% versus +35.9%).
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.
CVE vs DVN: side by side
| CVE (Cenovus Energy Inc) | DVN (Devon Energy) | |
|---|---|---|
| 1-year return | +89.5% | +35.9% |
| 5-year return | +329.0% | +102.7% |
| Volatility (ann.) | 35.6% | 34.3% |
| Beta vs S&P 500 | 0.18 | 0.16 |
| Max drawdown (3Y) | -49.6% | -49.2% |
| Market cap | $58.5B | $51.8B |
| P/E (trailing) | 12.1 | 10.2 |
| Dividend yield | 2.60% | 2.22% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CVE | DVN |
|---|---|---|
| 2022 | +60.9% | +50.9% |
| 2023 | -12.3% | -21.8% |
| 2024 | -5.8% | -25.2% |
| 2025 | +13.9% | +15.0% |
| 2026 | +89.6% | +30.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and DVN good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVE and DVN?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.80 over the last year and 0.81 over 5 years.
Is DVN a good diversifier for CVE?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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/cve-vs-dvn.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-dvn/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVE correlations · DVN correlations
