CVE vs OBE: Correlation
How closely do Cenovus Energy Inc (CVE) and Obsidian Energy Ltd. (OBE) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and OBE?
On 3 years of weekly data the CVE/OBE correlation comes out at 0.74, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.71, and annualized covariance runs at 1317.7 %².
Within CVE's tracked universe of 30 assets, OBE comes in at #13 by 3-year correlation. Twelve-month performance is nearly a tie, at +89.5% for CVE and +93.3% for OBE.
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 OBE: side by side
| CVE (Cenovus Energy Inc) | OBE (Obsidian Energy Ltd.) | |
|---|---|---|
| 1-year return | +89.5% | +93.3% |
| 5-year return | +329.0% | +339.0% |
| Volatility (ann.) | 35.6% | 50.2% |
| Beta vs S&P 500 | 0.18 | 0.38 |
| Max drawdown (3Y) | -49.6% | -56.4% |
| Market cap | $58.5B | $0.8B |
| P/E (trailing) | 12.1 | 36.9 |
| Dividend yield | 2.60% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | OBE |
|---|---|---|
| 2022 | +60.9% | +61.2% |
| 2023 | -12.3% | +2.1% |
| 2024 | -5.8% | -14.6% |
| 2025 | +13.9% | +5.9% |
| 2026 | +89.6% | +92.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and OBE good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVE and OBE?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.66 over the last year and 0.71 over 5 years.
Is OBE a good diversifier for CVE?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 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-obe.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-obe/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVE correlations · OBE correlations
