CVEO vs TNMG: Correlation
Civeo Corporation (Canada) (CVEO) and TNL Mediagene (TNMG) show a negative relationship: their 3-year correlation of weekly returns is -0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVEO and TNMG?
Over the past 3 years, CVEO and TNMG moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.49 versus -0.20 over 3 years. Over 5 years the correlation is -0.15, and the annualized covariance of weekly returns is -895.9 %².
Among the 11 assets we track against CVEO, TNMG sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months CVEO outperformed by 136.5 percentage points (+42.4% for CVEO against -94.1% for TNMG). Note the risk asymmetry: TNMG runs 3.6 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.
CVEO vs TNMG: side by side
| CVEO (Civeo Corporation (Canada)) | TNMG (TNL Mediagene) | |
|---|---|---|
| 1-year return | +42.4% | -94.1% |
| 5-year return | +69.2% | -99.7% |
| Volatility (ann.) | 35.1% | 126.7% |
| Beta vs S&P 500 | 0.16 | 2.05 |
| Max drawdown (3Y) | -33.2% | -99.9% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVEO | TNMG |
|---|---|---|
| 2022 | +62.2% | – |
| 2023 | -24.8% | +4.9% |
| 2024 | +3.6% | -26.4% |
| 2025 | +1.6% | -98.3% |
| 2026 | +47.6% | -81.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVEO and TNMG good diversifiers for each other?
Yes. With a correlation of -0.20, CVEO and TNMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVEO and TNMG?
As of 2026-08-27, the correlation of weekly returns between CVEO and TNMG is -0.20 over 3 years, -0.49 over 1 year and -0.15 over 5 years.
Is TNMG a good diversifier for CVEO?
Yes. With a correlation of -0.20, CVEO and TNMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
On the −1 to +1 scale, -0.20 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/cveo-vs-tnmg.json
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Related comparisons
Hubs: CVEO correlations · TNMG correlations
