BTE vs. CNQ

Last updated Apr 2, 2026

Compare and contrast key facts about Baytex Energy Corp (BTE) and Canadian Natural Resources Limited (CNQ).

Performance

BTE vs. CNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Baytex Energy Corp (BTE) and Canadian Natural Resources Limited (CNQ). The values are adjusted to include any dividend payments, if applicable.

BTE vs. CNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTE Baytex Energy Corp	31.79%	28.83%	-20.55%	-25.70%	45.95%	476.49%	-63.03%	-17.61%	-41.33%	-38.52%
CNQ Canadian Natural Resources Limited	38.80%	15.58%	-1.31%	23.72%	42.82%	83.55%	-19.06%	39.72%	-29.92%	15.97%

Fundamentals

Market Cap BTE : $3.26B CNQ : $97.27B
EPS BTE : -$0.78 CNQ : $5.19
PS Ratio BTE : 2.21 CNQ : 2.34
PB Ratio BTE : 1.37 CNQ : 2.19
Total Revenue (TTM) BTE : $1.48B CNQ : $41.50B
Gross Profit (TTM) BTE : $317.97M CNQ : $12.51B
EBITDA (TTM) BTE : $729.74M CNQ : $18.36B

Returns By Period

In the year-to-date period, BTE achieves a 31.79% return, which is significantly lower than CNQ's 38.80% return. Over the past 10 years, BTE has underperformed CNQ with an annualized return of 1.62%, while CNQ has yielded a comparatively higher 19.72% annualized return.

BTE

• 1D: -5.15%
• 1M: 10.28%
• YTD: 31.79%
• 6M: 82.91%
• 1Y: 94.90%
• 3Y*: 6.42%
• 5Y*: 32.79%
• 10Y*: 1.62%

CNQ

• 1D: -4.45%
• 1M: 5.94%
• YTD: 38.80%
• 6M: 49.86%
• 1Y: 56.02%
• 3Y*: 24.72%
• 5Y*: 31.04%
• 10Y*: 19.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BTE vs. CNQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTE

BTE Risk / Return Rank: 82
BTE Sharpe Ratio Rank: 85
BTE Sortino Ratio Rank: 80
BTE Omega Ratio Rank: 80
BTE Calmar Ratio Rank: 84
BTE Martin Ratio Rank: 83

CNQ

CNQ Risk / Return Rank: 85
CNQ Sharpe Ratio Rank: 88
CNQ Sortino Ratio Rank: 84
CNQ Omega Ratio Rank: 82
CNQ Calmar Ratio Rank: 84
CNQ Martin Ratio Rank: 88

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio Return per unit of total volatility	1.57	1.79	-0.22
Sortino ratio Return per unit of downside risk	2.13	2.36	-0.23
Omega ratio Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio Return relative to maximum drawdown	2.82	2.93	-0.11
Martin ratio Return relative to average drawdown	7.44	9.33	-1.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTE vs. CNQ - Sharpe Ratio Comparison

The current BTE Sharpe Ratio is 1.57, which is comparable to the CNQ Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of BTE and CNQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTE	CNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.79	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.95	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.49	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.41	-0.46

Correlation

The correlation between BTE and CNQ is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BTE vs. CNQ - Dividend Comparison

BTE's dividend yield for the trailing twelve months is around 1.55%, less than CNQ's 3.74% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTE Baytex Energy Corp	1.55%	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	3.74%	5.01%	5.02%	4.17%	6.31%	3.78%	5.26%	3.49%	4.56%	3.08%	2.94%	4.21%

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.

Drawdown Indicators

	BTE	CNQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.55%	-80.75%	-18.80%
Max Drawdown (1Y) Largest decline over 1 year	-33.63%	-20.04%	-13.59%
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 Drawdown Current decline from peak	-90.28%	-7.06%	-83.22%
Average Drawdown Average peak-to-trough decline	-60.46%	-23.64%	-36.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.75%	6.29%	+6.46%

Volatility

BTE vs. CNQ - Volatility Comparison

The current volatility for Baytex Energy Corp (BTE) is 8.48%, while Canadian Natural Resources Limited (CNQ) has a volatility of 9.19%. This indicates that BTE experiences smaller price fluctuations and is considered to be less risky than CNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTE	CNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.48%	9.19%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	32.10%	20.23%	+11.87%
Volatility (1Y) Calculated over the trailing 1-year period	60.87%	31.56%	+29.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.24%	32.70%	+22.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.18%	40.24%	+25.94%

Financials

BTE vs. CNQ - Profitability Comparison

The chart below illustrates the profitability comparison between Baytex Energy Corp and Canadian Natural Resources Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BTE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Baytex Energy Corp reported a gross profit of -464.72M and revenue of -1.33B. Therefore, the gross margin over that period was 34.8%.

CNQ - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Canadian Natural Resources Limited reported a gross profit of 2.04B and revenue of 9.60B. Therefore, the gross margin over that period was 21.2%.

BTE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Baytex Energy Corp reported an operating income of -197.23M and revenue of -1.33B, resulting in an operating margin of 14.8%.

CNQ - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Canadian Natural Resources Limited reported an operating income of 1.79B and revenue of 9.60B, resulting in an operating margin of 18.7%.

BTE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Baytex Energy Corp reported a net income of -856.39M and revenue of -1.33B, resulting in a net margin of 64.2%.

CNQ - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Canadian Natural Resources Limited reported a net income of 5.30B and revenue of 9.60B, resulting in a net margin of 55.2%.