CVE vs IMO: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and Imperial Oil Limited (IMO) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and IMO?
On 3 years of weekly data the CVE/IMO correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 783.6 %².
By 3-year correlation, IMO places #11 of the 30 assets tracked against CVE. Correlation aside, the last 12 months split them widely, with CVE ahead by 39.1 points (+89.5% versus +50.4%).
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 IMO: side by side
| CVE (Cenovus Energy Inc) | IMO (Imperial Oil Limited) | |
|---|---|---|
| 1-year return | +89.5% | +50.4% |
| 5-year return | +329.0% | +468.0% |
| Volatility (ann.) | 35.6% | 28.8% |
| Beta vs S&P 500 | 0.18 | 0.24 |
| Max drawdown (3Y) | -49.6% | -22.9% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | 21.2 |
| Dividend yield | 2.60% | 2.42% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | IMO |
|---|---|---|
| 2022 | +60.9% | +38.0% |
| 2023 | -12.3% | +20.6% |
| 2024 | -5.8% | +10.5% |
| 2025 | +13.9% | +43.8% |
| 2026 | +89.6% | +54.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and IMO good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVE and IMO?
The CVE/IMO correlation stands at 0.76 on a 3-year window (1 year: 0.79, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is IMO a good diversifier for CVE?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CVE correlations · IMO correlations
