CVE vs SPY: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and SPY?
On 3 years of weekly data the CVE/SPY correlation comes out at 0.07, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.41) runs below the 3-year figure (0.07). The 5-year figure is 0.21, and annualized covariance runs at 38.0 %².
By 3-year correlation, SPY places #22 of the 30 assets tracked against CVE. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 68.9 percentage points (+89.5% for CVE against +20.6% for SPY). Note the risk asymmetry: CVE runs 2.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPY: side by side
| CVE (Cenovus Energy Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +89.5% | +20.6% |
| 5-year return | +329.0% | +82.4% |
| Volatility (ann.) | 35.6% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -49.6% | -18.8% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CVE | SPY |
|---|---|---|
| 2022 | +60.9% | -18.2% |
| 2023 | -12.3% | +26.2% |
| 2024 | -5.8% | +24.9% |
| 2025 | +13.9% | +17.7% |
| 2026 | +89.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and SPY good diversifiers for each other?
Yes. With a correlation of 0.07, CVE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVE and SPY?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with -0.41 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for CVE?
Yes. With a correlation of 0.07, CVE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.07 mean?
A reading of 0.07 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CVE correlations · SPY correlations
