CVE vs WTI: Correlation
Cenovus Energy Inc (CVE) and W&T Offshore, Inc. (WTI) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and WTI?
Across a 3-year window, the weekly returns of CVE and WTI correlate at 0.67, strong. Recent behaviour matches the longer record: 0.60 over 1 year against 0.67 over 3. Stretching to 5 years gives 0.70, with an annualized covariance of 1547.5 %².
By 3-year correlation, WTI places #14 of the 30 assets tracked against CVE. Their recent paths diverged sharply: over the last 12 months WTI outperformed by 15.4 percentage points (+89.5% for CVE against +104.9% for WTI). Note the risk asymmetry: WTI runs 1.8 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 WTI: side by side
| CVE (Cenovus Energy Inc) | WTI (W&T Offshore, Inc.) | |
|---|---|---|
| 1-year return | +89.5% | +104.9% |
| 5-year return | +329.0% | +18.8% |
| Volatility (ann.) | 35.6% | 64.6% |
| Beta vs S&P 500 | 0.18 | 0.24 |
| Max drawdown (3Y) | -49.6% | -74.3% |
| Market cap | $58.5B | $0.6B |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 1.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVE | WTI |
|---|---|---|
| 2022 | +60.9% | +72.8% |
| 2023 | -12.3% | -41.4% |
| 2024 | -5.8% | -48.2% |
| 2025 | +13.9% | +0.6% |
| 2026 | +89.6% | +126.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and WTI good diversifiers for each other?
Only partially. A correlation of 0.67 means CVE and WTI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CVE and WTI?
The CVE/WTI correlation stands at 0.67 on a 3-year window (1 year: 0.60, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is WTI a good diversifier for CVE?
Only partially. A correlation of 0.67 means CVE and WTI share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.67 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
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Related comparisons
Hubs: CVE correlations · WTI correlations
