CVE vs EGY: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and VAALCO Energy, Inc. (EGY) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and EGY?
Across a 3-year window, the weekly returns of CVE and EGY correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.60 lands near the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 1110.5 %².
Within CVE's tracked universe of 30 assets, EGY comes in at #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CVE ahead by 32.5 points (+89.5% versus +57.0%).
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 EGY: side by side
| CVE (Cenovus Energy Inc) | EGY (VAALCO Energy, Inc.) | |
|---|---|---|
| 1-year return | +89.5% | +57.0% |
| 5-year return | +329.0% | +195.9% |
| Volatility (ann.) | 35.6% | 47.9% |
| Beta vs S&P 500 | 0.18 | 0.50 |
| Max drawdown (3Y) | -49.6% | -56.5% |
| Market cap | $58.5B | $0.6B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 4.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | EGY |
|---|---|---|
| 2022 | +60.9% | +45.5% |
| 2023 | -12.3% | +4.4% |
| 2024 | -5.8% | +2.0% |
| 2025 | +13.9% | -10.7% |
| 2026 | +89.6% | +64.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and EGY good diversifiers for each other?
To a limited degree. At 0.65 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 CVE and EGY?
The CVE/EGY correlation stands at 0.65 on a 3-year window (1 year: 0.60, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is EGY a good diversifier for CVE?
To a limited degree. At 0.65 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 0.65 mean?
On the −1 to +1 scale, 0.65 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-egy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-egy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVE correlations · EGY correlations
