APA vs. CVE
APA (Apache Corporation) and CVE (Cenovus Energy Inc.) are both stocks. Both are in the Energy sector — APA in Oil & Gas E&P, CVE in Oil & Gas Integrated. Over the past 10 years, APA returned -2.18%/yr vs 8.70%/yr for CVE. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
APA vs. CVE - Performance Comparison
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Returns By Period
In the year-to-date period, APA achieves a 42.09% return, which is significantly lower than CVE's 53.52% return. Over the past 10 years, APA has underperformed CVE with an annualized return of -2.18%, while CVE has yielded a comparatively higher 8.70% annualized return.
APA
- 1D
- 3.54%
- 1M
- -11.86%
- YTD
- 42.09%
- 6M
- 42.39%
- 1Y
- 78.39%
- 3Y*
- 5.56%
- 5Y*
- 12.56%
- 10Y*
- -2.18%
CVE
- 1D
- 2.03%
- 1M
- -14.10%
- YTD
- 53.52%
- 6M
- 55.35%
- 1Y
- 80.54%
- 3Y*
- 20.70%
- 5Y*
- 24.37%
- 10Y*
- 8.70%
APA vs. CVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
APA Apache Corporation | 42.09% | 11.54% | -33.44% | -21.24% | 76.44% | 90.76% | -43.71% | 1.12% | -36.39% | -32.13% |
CVE Cenovus Energy Inc. | 53.52% | 15.84% | -5.83% | -12.30% | 60.93% | 104.72% | -39.59% | 46.98% | -21.51% | -38.38% |
Correlation
The correlation between APA and CVE is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.68 |
The correlation between APA and CVE has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.
Fundamentals
APA:
$12.11B
CVE:
$48.24B
APA:
$4.28
CVE:
CA$2.52
APA:
7.99
CVE:
14.43
APA:
0.10
CVE:
0.06
APA:
1.42
CVE:
1.36
APA:
1.88
CVE:
2.10
APA:
$8.61B
CVE:
CA$49.40B
APA:
$4.64B
CVE:
CA$9.68B
APA:
$5.63B
CVE:
CA$11.54B
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Return for Risk
APA vs. CVE — Risk / Return Rank
APA
CVE
APA vs. CVE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Apache Corporation (APA) and Cenovus Energy Inc. (CVE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| APA | CVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.14 | 3.96 | -0.82 |
| Martin ratioReturn relative to average drawdown | 9.42 | 15.20 | -5.78 |
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Drawdowns
APA vs. CVE - Drawdown Comparison
The maximum APA drawdown since its inception was -96.73%, roughly equal to the maximum CVE drawdown of -94.87%. Use the drawdown chart below to compare losses from any high point for APA and CVE.
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Drawdown Indicators
| APA | CVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.73% | -94.87% | -1.86% |
Max Drawdown (1Y)Largest decline over 1 year | -25.09% | -20.44% | -4.65% |
Max Drawdown (3Y)Largest decline over 3 years | -67.45% | -49.57% | -17.88% |
Max Drawdown (5Y)Largest decline over 5 years | -70.47% | -53.51% | -16.96% |
Max Drawdown (10Y)Largest decline over 10 years | -93.49% | -89.22% | -4.27% |
Current DrawdownCurrent decline from peak | -67.52% | -18.83% | -48.69% |
Average DrawdownAverage peak-to-trough decline | -40.36% | -44.08% | +3.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 5.42% | +3.04% |
Volatility
APA vs. CVE - Volatility Comparison
Apache Corporation (APA) has a higher volatility of 12.69% compared to Cenovus Energy Inc. (CVE) at 11.39%. This indicates that APA's price experiences larger fluctuations and is considered to be riskier than CVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| APA | CVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.69% | 11.39% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 33.87% | 27.29% | +6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.69% | 35.05% | +11.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.52% | 40.20% | +8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.45% | 50.58% | +7.87% |
Dividends
APA vs. CVE - Dividend Comparison
APA's dividend yield for the trailing twelve months is around 2.92%, more than CVE's 2.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
APA Apache Corporation | 2.92% | 4.09% | 4.33% | 2.79% | 1.34% | 0.51% | 2.29% | 3.91% | 3.81% | 2.37% | 1.58% | 2.25% |
CVE Cenovus Energy Inc. | 2.31% | 3.32% | 3.92% | 2.33% | 1.81% | 0.56% | 0.75% | 1.58% | 2.34% | 2.19% | 1.32% | 6.75% |
Financials
APA vs. CVE - Financials Comparison
This section allows you to compare key financial metrics between Apache Corporation and Cenovus Energy Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
APA vs. CVE - Profitability Comparison
APA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Apache Corporation reported a gross profit of 2.25B and revenue of 2.33B. Therefore, the gross margin over that period was 96.8%.
CVE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cenovus Energy Inc. reported a gross profit of 2.71B and revenue of 12.39B. Therefore, the gross margin over that period was 21.9%.
APA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Apache Corporation reported an operating income of 999.00M and revenue of 2.33B, resulting in an operating margin of 42.9%.
CVE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cenovus Energy Inc. reported an operating income of 2.30B and revenue of 12.39B, resulting in an operating margin of 18.6%.
APA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Apache Corporation reported a net income of 446.00M and revenue of 2.33B, resulting in a net margin of 19.2%.
CVE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cenovus Energy Inc. reported a net income of 1.57B and revenue of 12.39B, resulting in a net margin of 12.7%.
Frequently Asked Questions
APA and CVE have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
APA has higher volatility (12.69%) compared to CVE (11.39%). In terms of maximum drawdown, APA dropped -96.73% vs CVE's -94.87%.
CVE currently has the higher Sharpe Ratio (2.31 vs 1.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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