CVE vs OVV: Correlation
Cenovus Energy Inc (CVE) and Ovintiv Inc. (DE) (OVV) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and OVV?
On 3 years of weekly data the CVE/OVV correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. The 5-year figure is 0.79, and annualized covariance runs at 1054.7 %².
Among the 30 assets we track against CVE, OVV ranks #4 by 3-year correlation. The last year tells two different stories: CVE led by 28.3 percentage points, +89.5% for CVE against +61.2% for OVV.
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 OVV: side by side
| CVE (Cenovus Energy Inc) | OVV (Ovintiv Inc. (DE)) | |
|---|---|---|
| 1-year return | +89.5% | +61.2% |
| 5-year return | +329.0% | +175.7% |
| Volatility (ann.) | 35.6% | 36.4% |
| Beta vs S&P 500 | 0.18 | 0.43 |
| Max drawdown (3Y) | -49.6% | -42.2% |
| Market cap | $58.5B | $18.0B |
| P/E (trailing) | 12.1 | 18.0 |
| Dividend yield | 2.60% | 1.86% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | OVV |
|---|---|---|
| 2022 | +60.9% | +53.3% |
| 2023 | -12.3% | -10.9% |
| 2024 | -5.8% | -5.2% |
| 2025 | +13.9% | -0.3% |
| 2026 | +89.6% | +68.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and OVV good diversifiers for each other?
No. With a correlation of 0.81, CVE and OVV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CVE and OVV?
The CVE/OVV correlation stands at 0.81 on a 3-year window (1 year: 0.80, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is OVV a good diversifier for CVE?
No. With a correlation of 0.81, CVE and OVV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 mean?
A reading of 0.81 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-ovv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cve-vs-ovv/)
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Related comparisons
Hubs: CVE correlations · OVV correlations
