CVE vs NVR: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and NVR, Inc. (NVR) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and NVR?
Over the past 3 years, CVE and NVR moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.46) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is -195.9 %².
By 3-year correlation, NVR places #24 of the 30 assets tracked against CVE. Correlation aside, the last 12 months split them widely, with CVE ahead by 110.3 points (+89.5% versus -20.8%). One caveat on sizing: CVE is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NVR: side by side
| CVE (Cenovus Energy Inc) | NVR (NVR, Inc.) | |
|---|---|---|
| 1-year return | +89.5% | -20.8% |
| 5-year return | +329.0% | +24.2% |
| Volatility (ann.) | 35.6% | 23.4% |
| Beta vs S&P 500 | 0.18 | 0.53 |
| Max drawdown (3Y) | -49.6% | -43.9% |
| Market cap | $58.5B | $17.0B |
| P/E (trailing) | 12.1 | 16.6 |
| Dividend yield | 2.60% | 0.00% |
| Sector / category | US Listed | Consumer Discretionary |
Year-by-year returns
| Year | CVE | NVR |
|---|---|---|
| 2022 | +60.9% | -21.9% |
| 2023 | -12.3% | +51.8% |
| 2024 | -5.8% | +16.8% |
| 2025 | +13.9% | -10.8% |
| 2026 | +89.6% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and NVR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVE and NVR?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.46 over the last year and -0.02 over 5 years.
Is NVR a good diversifier for CVE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
On the −1 to +1 scale, -0.24 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-nvr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-nvr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVE correlations · NVR correlations
