CVE vs IEF: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and iShares 7-10 Year Treasury Bond ETF (IEF) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and IEF?
Over the past 3 years, CVE and IEF moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.29). Over 5 years the correlation is -0.21, and the annualized covariance of weekly returns is -66.1 %².
Among the 30 assets we track against CVE, IEF sits near the bottom by co-movement, at rank #29. Correlation aside, the last 12 months split them widely, with CVE ahead by 88.6 points (+89.5% versus +0.9%). Risk is not evenly split, since CVE carries 5.5 times the volatility of the other side.
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 IEF: side by side
| CVE (Cenovus Energy Inc) | IEF (iShares 7-10 Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +89.5% | +0.9% |
| 5-year return | +329.0% | -7.9% |
| Volatility (ann.) | 35.6% | 6.5% |
| Beta vs S&P 500 | 0.18 | 0.04 |
| Max drawdown (3Y) | -49.6% | -6.9% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 3.96% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $47.2B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, IEF sits in the Long Government category at iShares, with $47.2B under management, a 0.15% expense ratio, a 3.96% trailing dividend yield.
Year-by-year returns
| Year | CVE | IEF |
|---|---|---|
| 2022 | +60.9% | -15.2% |
| 2023 | -12.3% | +3.6% |
| 2024 | -5.8% | -0.6% |
| 2025 | +13.9% | +8.0% |
| 2026 | +89.6% | -0.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and IEF good diversifiers for each other?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
FAQ
What is the correlation between CVE and IEF?
The CVE/IEF correlation stands at -0.29 on a 3-year window (1 year: -0.51, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is IEF a good diversifier for CVE?
By historical standards, yes. A correlation of -0.29 means the two rarely move for the same reasons.
What does a correlation of -0.29 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
$ curl https://www.pairbook.io/api/v1/pairs/cve-vs-ief.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cve-vs-ief/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVE correlations · IEF correlations
