CVE vs SU: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and Suncor Energy Inc. (SU) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and SU?
On 3 years of weekly data the CVE/SU correlation comes out at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 848.3 %².
Few assets follow CVE as closely as SU, which ranks #2 of 30 tracked partners. Correlation aside, the last 12 months split them widely, with CVE ahead by 25.2 points (+89.5% versus +64.3%).
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 SU: side by side
| CVE (Cenovus Energy Inc) | SU (Suncor Energy Inc.) | |
|---|---|---|
| 1-year return | +89.5% | +64.3% |
| 5-year return | +329.0% | +325.4% |
| Volatility (ann.) | 35.6% | 29.1% |
| Beta vs S&P 500 | 0.18 | 0.13 |
| Max drawdown (3Y) | -49.6% | -22.7% |
| Market cap | $58.5B | $78.4B |
| P/E (trailing) | 12.1 | 12.1 |
| Dividend yield | 2.60% | 3.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | SU |
|---|---|---|
| 2022 | +60.9% | +32.3% |
| 2023 | -12.3% | +6.0% |
| 2024 | -5.8% | +16.2% |
| 2025 | +13.9% | +27.1% |
| 2026 | +89.6% | +51.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and SU good diversifiers for each other?
No: a correlation of 0.82 means CVE and SU tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CVE and SU?
As of 2026-08-27, the correlation of weekly returns between CVE and SU is 0.82 over 3 years, 0.86 over 1 year and 0.84 over 5 years.
Is SU a good diversifier for CVE?
No: a correlation of 0.82 means CVE and SU tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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-su.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cve-vs-su/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVE correlations · SU correlations
