BTE vs. CNQ
BTE (Baytex Energy Corp) and CNQ (Canadian Natural Resources Limited) are both stocks. Both operate in the Oil & Gas E&P industry within the Energy sector. Over the past 10 years, BTE returned -0.44%/yr vs 18.07%/yr for CNQ. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
BTE vs. CNQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BTE achieves a 57.90% return, which is significantly higher than CNQ's 42.08% return. Over the past 10 years, BTE has underperformed CNQ with an annualized return of -0.44%, while CNQ has yielded a comparatively higher 18.07% annualized return.
BTE
- 1D
- 0.79%
- 1M
- -2.87%
- YTD
- 57.90%
- 6M
- 60.25%
- 1Y
- 204.52%
- 3Y*
- 16.22%
- 5Y*
- 25.73%
- 10Y*
- -0.44%
CNQ
- 1D
- -0.06%
- 1M
- -0.40%
- YTD
- 42.08%
- 6M
- 41.38%
- 1Y
- 61.82%
- 3Y*
- 25.66%
- 5Y*
- 27.14%
- 10Y*
- 18.07%
BTE vs. CNQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTE Baytex Energy Corp | 57.90% | 28.83% | -20.55% | -25.70% | 45.95% | 476.49% | -63.03% | -17.61% | -41.33% | -38.52% |
CNQ Canadian Natural Resources Limited | 42.08% | 15.58% | -1.31% | 23.72% | 42.82% | 83.55% | -19.06% | 39.72% | -29.92% | 15.97% |
Correlation
The correlation between BTE and CNQ 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 | 0.74 |
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 Apr 4, 2006 | 0.68 |
The correlation between BTE and CNQ has been stable across timeframes, ranging from 0.68 to 0.76 - a consistent structural relationship.
Fundamentals
BTE:
$3.80B
CNQ:
$99.90B
BTE:
-$0.97
CNQ:
$4.65
BTE:
7.35
CNQ:
2.44
BTE:
1.78
CNQ:
2.23
BTE:
$528.79M
CNQ:
$40.74B
BTE:
-$81.49M
CNQ:
$12.53B
BTE:
$388.25M
CNQ:
$22.99B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BTE vs. CNQ — Risk / Return Rank
BTE
CNQ
BTE vs. CNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Baytex Energy Corp (BTE) and Canadian Natural Resources Limited (CNQ). 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.
| BTE | CNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.35 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 13.23 | 4.39 | +8.84 |
| Martin ratioReturn relative to average drawdown | 34.05 | 10.10 | +23.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BTE | CNQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.34 | 2.17 | +2.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.83 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.01 | 0.45 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.41 | -0.44 |
Drawdowns
BTE vs. CNQ - Drawdown Comparison
The maximum BTE drawdown since its inception was -99.55%, which is greater than CNQ's maximum drawdown of -80.75%. Use the drawdown chart below to compare losses from any high point for BTE and CNQ.
Loading charts...
Drawdown Indicators
| BTE | CNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.55% | -80.75% | -18.80% |
Max Drawdown (1Y)Largest decline over 1 year | -15.57% | -14.16% | -1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -66.67% | -35.85% | -30.82% |
Max Drawdown (5Y)Largest decline over 5 years | -78.29% | -35.85% | -42.44% |
Max Drawdown (10Y)Largest decline over 10 years | -96.87% | -77.84% | -19.03% |
Current DrawdownCurrent decline from peak | -88.35% | -4.86% | -83.49% |
Average DrawdownAverage peak-to-trough decline | -60.70% | -23.53% | -37.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.03% | 6.14% | -0.11% |
Volatility
BTE vs. CNQ - Volatility Comparison
Baytex Energy Corp (BTE) has a higher volatility of 11.45% compared to Canadian Natural Resources Limited (CNQ) at 9.25%. This indicates that BTE's price experiences larger fluctuations and is considered to be riskier than CNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BTE | CNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.45% | 9.25% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 29.04% | 23.51% | +5.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.56% | 28.67% | +18.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.38% | 32.78% | +21.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 65.97% | 40.26% | +25.71% |
Dividends
BTE vs. CNQ - Dividend Comparison
BTE's dividend yield for the trailing twelve months is around 1.29%, less than CNQ's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTE Baytex Energy Corp | 1.29% | 2.03% | 2.56% | 1.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 24.69% |
CNQ Canadian Natural Resources Limited | 3.65% | 5.01% | 5.02% | 4.17% | 6.31% | 3.78% | 5.26% | 3.49% | 4.56% | 3.08% | 2.94% | 4.21% |
Financials
BTE vs. CNQ - Financials Comparison
This section allows you to compare key financial metrics between Baytex Energy Corp and Canadian Natural Resources Limited. 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
BTE vs. CNQ - Profitability Comparison
BTE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Baytex Energy Corp reported a gross profit of 91.91M and revenue of 402.40M. Therefore, the gross margin over that period was 22.8%.
CNQ - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a gross profit of 3.48B and revenue of 10.84B. Therefore, the gross margin over that period was 32.1%.
BTE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Baytex Energy Corp reported an operating income of 46.62M and revenue of 402.40M, resulting in an operating margin of 11.6%.
CNQ - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported an operating income of 2.68B and revenue of 10.84B, resulting in an operating margin of 24.7%.
BTE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Baytex Energy Corp reported a net income of -67.50M and revenue of 402.40M, resulting in a net margin of -16.8%.
CNQ - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a net income of 1.35B and revenue of 10.84B, resulting in a net margin of 12.5%.
Frequently Asked Questions
BTE and CNQ 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.
BTE has higher volatility (11.45%) compared to CNQ (9.25%). In terms of maximum drawdown, BTE dropped -99.55% vs CNQ's -80.75%.
BTE currently has the higher Sharpe Ratio (4.34 vs 2.17), 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.
Find the right allocation for BTE and CNQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer