CVE vs FANG: Correlation
How closely do Cenovus Energy Inc (CVE) and Diamondback Energy (FANG) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and FANG?
Across a 3-year window, the weekly returns of CVE and FANG correlate at 0.81, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 979.7 %².
FANG is one of the assets that tracks CVE most closely: it ranks #3 out of the 30 assets we track against CVE. The last year tells two different stories: CVE led by 49.9 percentage points, +89.5% for CVE against +39.6% for FANG.
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 FANG: side by side
| CVE (Cenovus Energy Inc) | FANG (Diamondback Energy) | |
|---|---|---|
| 1-year return | +89.5% | +39.6% |
| 5-year return | +329.0% | +224.9% |
| Volatility (ann.) | 35.6% | 34.1% |
| Beta vs S&P 500 | 0.18 | 0.32 |
| Max drawdown (3Y) | -49.6% | -42.1% |
| Market cap | $58.5B | $56.1B |
| P/E (trailing) | 12.1 | 38.0 |
| Dividend yield | 2.60% | 2.13% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CVE | FANG |
|---|---|---|
| 2022 | +60.9% | +35.3% |
| 2023 | -12.3% | +19.7% |
| 2024 | -5.8% | +10.3% |
| 2025 | +13.9% | -5.6% |
| 2026 | +89.6% | +35.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and FANG good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CVE and FANG?
As of 2026-08-27, the correlation of weekly returns between CVE and FANG is 0.81 over 3 years, 0.81 over 1 year and 0.82 over 5 years.
Is FANG a good diversifier for CVE?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 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
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Related comparisons
Hubs: CVE correlations · FANG correlations
