CVE vs GLNG: Correlation
How closely do Cenovus Energy Inc (CVE) and Golar LNG Limited (GLNG) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and GLNG?
Across a 3-year window, the weekly returns of CVE and GLNG correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.36 versus 0.47 over 3 years. Stretching to 5 years gives 0.48, with an annualized covariance of 623.8 %².
Within CVE's tracked universe of 30 assets, GLNG comes in at #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 71.8 percentage points (+89.5% for CVE against +17.7% for GLNG).
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 GLNG: side by side
| CVE (Cenovus Energy Inc) | GLNG (Golar LNG Limited) | |
|---|---|---|
| 1-year return | +89.5% | +17.7% |
| 5-year return | +329.0% | +415.5% |
| Volatility (ann.) | 35.6% | 37.5% |
| Beta vs S&P 500 | 0.18 | 0.88 |
| Max drawdown (3Y) | -49.6% | -29.4% |
| Market cap | $58.5B | $5.3B |
| P/E (trailing) | 12.1 | 35.3 |
| Dividend yield | 2.60% | 1.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | GLNG |
|---|---|---|
| 2022 | +60.9% | +83.9% |
| 2023 | -12.3% | +4.4% |
| 2024 | -5.8% | +90.8% |
| 2025 | +13.9% | -9.7% |
| 2026 | +89.6% | +40.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and GLNG good diversifiers for each other?
Reasonably. At 0.47, CVE and GLNG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVE and GLNG?
As of 2026-08-27, the correlation of weekly returns between CVE and GLNG is 0.47 over 3 years, 0.36 over 1 year and 0.48 over 5 years.
Is GLNG a good diversifier for CVE?
Reasonably. At 0.47, CVE and GLNG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cve-vs-glng.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cve-vs-glng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVE correlations · GLNG correlations
