CVE vs XLE: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and Energy Select Sector SPDR Fund (XLE) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and XLE?
On 3 years of weekly data the CVE/XLE correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.85, and annualized covariance runs at 665.0 %².
Within CVE's tracked universe of 30 assets, XLE comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 45.5 percentage points (+89.5% for CVE against +44.0% for XLE). Risk is not evenly split, since CVE carries 1.5 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 XLE: side by side
| CVE (Cenovus Energy Inc) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +89.5% | +44.0% |
| 5-year return | +329.0% | +206.7% |
| Volatility (ann.) | 35.6% | 23.1% |
| Beta vs S&P 500 | 0.18 | 0.27 |
| Max drawdown (3Y) | -49.6% | -20.1% |
| Market cap | $58.5B | – |
| P/E (trailing) | 12.1 | – |
| Dividend yield | 2.60% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | CVE | XLE |
|---|---|---|
| 2022 | +60.9% | +64.3% |
| 2023 | -12.3% | -0.6% |
| 2024 | -5.8% | +5.6% |
| 2025 | +13.9% | +7.9% |
| 2026 | +89.6% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and XLE good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CVE and XLE?
The CVE/XLE correlation stands at 0.81 on a 3-year window (1 year: 0.81, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is XLE a good diversifier for CVE?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 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
$ curl https://www.pairbook.io/api/v1/pairs/cve-vs-xle.json
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Related comparisons
Hubs: CVE correlations · XLE correlations
