CVE vs XOM: Correlation
Measured on weekly returns over the past three years, Cenovus Energy Inc (CVE) and ExxonMobil (XOM) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVE and XOM?
On 3 years of weekly data the CVE/XOM correlation comes out at 0.75, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 648.1 %².
Among the 30 assets we track against CVE, XOM ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CVE outperformed by 46.7 percentage points (+89.5% for CVE against +42.8% for XOM).
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 XOM: side by side
| CVE (Cenovus Energy Inc) | XOM (ExxonMobil) | |
|---|---|---|
| 1-year return | +89.5% | +42.8% |
| 5-year return | +329.0% | +237.9% |
| Volatility (ann.) | 35.6% | 24.3% |
| Beta vs S&P 500 | 0.18 | 0.01 |
| Max drawdown (3Y) | -49.6% | -20.1% |
| Market cap | $58.5B | $643.3B |
| P/E (trailing) | 12.1 | 20.1 |
| Dividend yield | 2.60% | 2.58% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | CVE | XOM |
|---|---|---|
| 2022 | +60.9% | +87.4% |
| 2023 | -12.3% | -6.3% |
| 2024 | -5.8% | +11.3% |
| 2025 | +13.9% | +16.0% |
| 2026 | +89.6% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVE and XOM good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVE and XOM?
The CVE/XOM correlation stands at 0.75 on a 3-year window (1 year: 0.74, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is XOM a good diversifier for CVE?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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-xom.json
Markdown for the live badge, attribution link included:
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Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVE correlations · XOM correlations
