CVE vs QQQ: Correlation
How closely do Cenovus Energy Inc (CVE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of -0.00, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and QQQ?
Over the past 3 years, CVE and QQQ moved with a correlation of -0.00, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.00). Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is -1.0 %².
By 3-year correlation, QQQ places #23 of the 30 assets tracked against CVE. The last year tells two different stories: CVE led by 63.2 percentage points, +89.5% for CVE against +26.3% for QQQ. One caveat on sizing: CVE is 1.8 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 QQQ: side by side
| CVE (Cenovus Energy Inc) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +89.5% | +26.3% |
| 5-year return | +329.0% | +95.4% |
| Volatility (ann.) | 35.6% | 19.6% |
| Beta vs S&P 500 | 0.18 | 1.28 |
| Max drawdown (3Y) | -49.6% | -22.8% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CVE | QQQ |
|---|---|---|
| 2022 | +60.9% | -32.6% |
| 2023 | -12.3% | +54.9% |
| 2024 | -5.8% | +25.6% |
| 2025 | +13.9% | +20.8% |
| 2026 | +89.6% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and QQQ good diversifiers for each other?
Yes. With a correlation of -0.00, CVE and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVE and QQQ?
The CVE/QQQ correlation stands at -0.00 on a 3-year window (1 year: -0.44, 5 years: 0.08), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CVE?
Yes. With a correlation of -0.00, CVE and QQQ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.00 mean?
On the −1 to +1 scale, -0.00 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cve-vs-qqq/)
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Related comparisons
Hubs: CVE correlations · QQQ correlations
