CVE vs TLT: Correlation
Cenovus Energy Inc (CVE) and iShares 20+ Year Treasury Bond ETF (TLT) show a negative relationship: their 3-year correlation of weekly returns is -0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and TLT?
Across a 3-year window, the weekly returns of CVE and TLT correlate at -0.27, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.46 versus -0.27 over 3 years. Stretching to 5 years gives -0.25, with an annualized covariance of -130.2 %².
TLT is close to the least connected end of CVE's tracked universe, ranking #27 of 30. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 89.2 percentage points (+89.5% for CVE against +0.3% for TLT). Risk is not evenly split, since CVE carries 2.6 times the volatility of the other side.
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 TLT: side by side
| CVE (Cenovus Energy Inc) | TLT (iShares 20+ Year Treasury Bond ETF) | |
|---|---|---|
| 1-year return | +89.5% | +0.3% |
| 5-year return | +329.0% | -34.0% |
| Volatility (ann.) | 35.6% | 13.5% |
| Beta vs S&P 500 | 0.18 | 0.11 |
| Max drawdown (3Y) | -49.6% | -14.8% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 4.75% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $41.5B |
| Sector / category | US Listed | ETF · Bonds |
On the fund side, TLT sits in the Long Government category at iShares, with $41.5B under management, a 0.15% expense ratio, a 4.75% trailing dividend yield.
Year-by-year returns
| Year | CVE | TLT |
|---|---|---|
| 2022 | +60.9% | -31.2% |
| 2023 | -12.3% | +2.8% |
| 2024 | -5.8% | -8.1% |
| 2025 | +13.9% | +4.2% |
| 2026 | +89.6% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and TLT good diversifiers for each other?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
FAQ
What is the correlation between CVE and TLT?
The CVE/TLT correlation stands at -0.27 on a 3-year window (1 year: -0.46, 5 years: -0.25), computed from weekly returns as of 2026-08-27.
Is TLT a good diversifier for CVE?
By historical standards, yes. A correlation of -0.27 means the two rarely move for the same reasons.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 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-tlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cve-vs-tlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVE correlations · TLT correlations
