CNQ.TO vs. AVDV

Last updated Jun 13, 2026

CNQ.TO (Canadian Natural Resources Limited) is a stock, while AVDV (Avantis International Small Cap Value ETF) is Foreign Small & Mid Cap Equities fund actively managed by Avantis. Over the past 5 years, CNQ.TO returned 33.86%/yr vs 16.96%/yr for AVDV. At a 0.39 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. AVDV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Natural Resources Limited (CNQ.TO) and Avantis International Small Cap Value ETF (AVDV). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CNQ.TO is traded in CAD, while AVDV is traded in USD. To make them comparable, the AVDV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNQ.TO achieves a 37.61% return, which is significantly higher than AVDV's 17.32% return.

CNQ.TO

• 1D: -0.19%
• 1M: -4.06%
• YTD: 37.61%
• 6M: 40.79%
• 1Y: 43.07%
• 3Y*: 27.02%
• 5Y*: 33.86%
• 10Y*: 23.43%

AVDV

• 1D: 1.08%
• 1M: -0.08%
• YTD: 17.32%
• 6M: 18.86%
• 1Y: 45.84%
• 3Y*: 28.62%
• 5Y*: 16.96%
• 10Y*: —

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

CNQ.TO vs. AVDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CNQ.TO Canadian Natural Resources Limited	37.61%	10.42%	8.27%	26.98%	63.10%	91.26%	-12.94%	19.82%
AVDV Avantis International Small Cap Value ETF	17.32%	42.55%	17.87%	14.07%	-5.86%	15.74%	2.51%	10.13%

Correlation

The correlation between CNQ.TO and AVDV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 26, 2019	0.39

The correlation between CNQ.TO and AVDV shifts across timeframes, from -0.06 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNQ.TO vs. AVDV — Risk / Return Rank

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

CNQ.TO

CNQ.TO Risk / Return Rank: 83
CNQ.TO Sharpe Ratio Rank: 85
CNQ.TO Sortino Ratio Rank: 79
CNQ.TO Omega Ratio Rank: 79
CNQ.TO Calmar Ratio Rank: 85
CNQ.TO Martin Ratio Rank: 85

AVDV

AVDV Risk / Return Rank: 81
AVDV Sharpe Ratio Rank: 88
AVDV Sortino Ratio Rank: 86
AVDV Omega Ratio Rank: 86
AVDV Calmar Ratio Rank: 71
AVDV Martin Ratio Rank: 76

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.

CNQ.TO vs. AVDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and Avantis International Small Cap Value ETF (AVDV). 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.

	CNQ.TO	AVDV	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.69	-1.04
Sortino ratio: Return per unit of downside risk	2.12	3.54	-1.42
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.18
Calmar ratio: Return relative to maximum drawdown	3.12	3.46	-0.34
Martin ratio: Return relative to average drawdown	7.98	14.20	-6.22

CNQ.TO vs. AVDV - Sharpe Ratio Comparison

The current CNQ.TO Sharpe Ratio is 1.65, which is lower than the AVDV Sharpe Ratio of 2.69. The chart below compares the historical Sharpe Ratios of CNQ.TO and AVDV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CNQ.TO vs. AVDV - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -74.63%, which is greater than AVDV's maximum drawdown of -37.43%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and AVDV.

Drawdown Indicators

	CNQ.TO	AVDV	Difference
Max Drawdown Largest peak-to-trough decline	-74.63%	-37.43%	-37.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.33%	-12.81%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-33.12%	-14.53%	-18.59%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-22.53%	-10.59%
Max Drawdown (10Y) Largest decline over 10 years	-74.63%	—	—
Current Drawdown Current decline from peak	-8.72%	-1.05%	-7.67%
Average Drawdown Average peak-to-trough decline	-17.63%	-5.01%	-12.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.98%	3.12%	+2.86%

Volatility

CNQ.TO vs. AVDV - Volatility Comparison

Canadian Natural Resources Limited (CNQ.TO) has a higher volatility of 8.91% compared to Avantis International Small Cap Value ETF (AVDV) at 6.39%. This indicates that CNQ.TO's price experiences larger fluctuations and is considered to be riskier than AVDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ.TO	AVDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	6.39%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	24.23%	14.17%	+10.06%
Volatility (1Y) Calculated over the trailing 1-year period	28.98%	16.48%	+12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.61%	18.25%	+12.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	20.45%	+17.67%

Dividends

CNQ.TO vs. AVDV - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, less than AVDV's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AVDV Avantis International Small Cap Value ETF	4.11%	3.05%	4.31%	3.29%	3.17%	2.39%	1.67%	0.36%	0.00%	0.00%	0.00%	0.00%
CNQ.TO Canadian Natural Resources Limited	2.84%	5.05%	6.00%	8.53%	12.23%	7.63%	11.35%	7.29%	8.31%	5.00%	4.49%	6.22%

Frequently Asked Questions

Can I hold both CNQ.TO and AVDV in my portfolio?

CNQ.TO and AVDV have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.