CVE vs PBR: Correlation
Cenovus Energy Inc (CVE) and Petroleo Brasileiro S.A. Petrobras (PBR) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and PBR?
Across a 3-year window, the weekly returns of CVE and PBR correlate at 0.61, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Stretching to 5 years gives 0.54, with an annualized covariance of 714.0 %².
Within CVE's tracked universe of 30 assets, PBR comes in at #17 by 3-year correlation. The last year tells two different stories: CVE led by 33.4 percentage points, +89.5% for CVE against +56.1% for PBR.
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 PBR: side by side
| CVE (Cenovus Energy Inc) | PBR (Petroleo Brasileiro S.A. Petrobras) | |
|---|---|---|
| 1-year return | +89.5% | +56.1% |
| 5-year return | +329.0% | +417.1% |
| Volatility (ann.) | 35.6% | 32.9% |
| Beta vs S&P 500 | 0.18 | -0.08 |
| Max drawdown (3Y) | -49.6% | -26.9% |
| Market cap | $58.5B | $117.6B |
| P/E (trailing) | 12.1 | 4.5 |
| Dividend yield | 2.60% | 20.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | PBR |
|---|---|---|
| 2022 | +60.9% | +57.2% |
| 2023 | -12.3% | +89.2% |
| 2024 | -5.8% | -2.3% |
| 2025 | +13.9% | -1.1% |
| 2026 | +89.6% | +60.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and PBR good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CVE and PBR?
As of 2026-08-27, the correlation of weekly returns between CVE and PBR is 0.61 over 3 years, 0.62 over 1 year and 0.54 over 5 years.
Is PBR a good diversifier for CVE?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 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-pbr.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-pbr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVE correlations · PBR correlations
