CNQ.TO vs. CPX.TO

Last updated Jun 4, 2026

CNQ.TO (Canadian Natural Resources Limited) and CPX.TO (Capital Power Corporation) are both stocks. CNQ.TO operates in Oil & Gas E&P (Energy), while CPX.TO operates in Utilities - Independent Power Producers (Utilities). Over the past 10 years, CNQ.TO returned 18.64%/yr vs 20.77%/yr for CPX.TO. At a 0.17 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. CPX.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Natural Resources Limited (CNQ.TO) and Capital Power Corporation (CPX.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ.TO achieves a 44.04% return, which is significantly higher than CPX.TO's 24.34% return. Over the past 10 years, CNQ.TO has underperformed CPX.TO with an annualized return of 18.64%, while CPX.TO has yielded a comparatively higher 20.77% annualized return.

CNQ.TO

• 1D: 1.47%
• 1M: 2.49%
• YTD: 44.04%
• 6M: 42.39%
• 1Y: 61.44%
• 3Y*: 26.69%
• 5Y*: 30.24%
• 10Y*: 18.64%

CPX.TO

• 1D: 0.04%
• 1M: 10.27%
• YTD: 24.34%
• 6M: 20.09%
• 1Y: 33.41%
• 3Y*: 22.50%
• 5Y*: 19.21%
• 10Y*: 20.77%

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

CNQ.TO vs. CPX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNQ.TO Canadian Natural Resources Limited	44.04%	10.42%	7.11%	21.06%	49.65%	82.41%	-20.75%	32.78%	-24.17%	7.75%
CPX.TO Capital Power Corporation	24.34%	-3.64%	77.90%	-13.28%	23.39%	18.96%	8.92%	37.12%	16.05%	12.44%

Correlation

The correlation between CNQ.TO and CPX.TO 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	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Jun 29, 2009	0.17

The correlation between CNQ.TO and CPX.TO shifts across timeframes, from 0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CNQ.TO : CA$139.10B CPX.TO : CA$11.28B
EPS CNQ.TO : CA$4.65 CPX.TO : CA$0.16
PE Ratio CNQ.TO : 14.27 CPX.TO : 464.56
PEG Ratio CNQ.TO : 0.69 CPX.TO : 2.94
PS Ratio CNQ.TO : 3.50 CPX.TO : 3.08
PB Ratio CNQ.TO : 3.12 CPX.TO : 2.35
Total Revenue (TTM) CNQ.TO : CA$39.61B CPX.TO : CA$3.62B
Gross Profit (TTM) CNQ.TO : CA$12.42B CPX.TO : -CA$141.00M
EBITDA (TTM) CNQ.TO : CA$17.78B CPX.TO : CA$619.00M

Return for Risk

CNQ.TO vs. CPX.TO — 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: 86
CNQ.TO Sharpe Ratio Rank: 89
CNQ.TO Sortino Ratio Rank: 83
CNQ.TO Omega Ratio Rank: 84
CNQ.TO Calmar Ratio Rank: 87
CNQ.TO Martin Ratio Rank: 87

CPX.TO

CPX.TO Risk / Return Rank: 68
CPX.TO Sharpe Ratio Rank: 74
CPX.TO Sortino Ratio Rank: 66
CPX.TO Omega Ratio Rank: 67
CPX.TO Calmar Ratio Rank: 69
CPX.TO Martin Ratio Rank: 66

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. CPX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and Capital Power Corporation (CPX.TO). 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.

	CNQ.TO	CPX.TO	Difference
Sharpe ratio Return per unit of total volatility	2.16	1.15	+1.01
Sortino ratio Return per unit of downside risk	2.63	1.58	+1.05
Omega ratio Gain probability vs. loss probability	1.35	1.22	+0.14
Calmar ratio Return relative to maximum drawdown	4.03	1.53	+2.50
Martin ratio Return relative to average drawdown	10.58	3.02	+7.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNQ.TO vs. CPX.TO - Sharpe Ratio Comparison

The current CNQ.TO Sharpe Ratio is 2.16, which is higher than the CPX.TO Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of CNQ.TO and CPX.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNQ.TO	CPX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.15	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.78	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.81	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.58	+0.06

Drawdowns

CNQ.TO vs. CPX.TO - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -76.20%, which is greater than CPX.TO's maximum drawdown of -47.38%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and CPX.TO.

Drawdown Indicators

	CNQ.TO	CPX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-76.20%	-47.38%	-28.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.33%	-21.94%	+6.61%
Max Drawdown (3Y) Largest decline over 3 years	-33.11%	-33.75%	+0.64%
Max Drawdown (5Y) Largest decline over 5 years	-33.11%	-33.75%	+0.64%
Max Drawdown (10Y) Largest decline over 10 years	-76.20%	-47.38%	-28.82%
Current Drawdown Current decline from peak	-4.46%	-0.06%	-4.40%
Average Drawdown Average peak-to-trough decline	-18.90%	-9.58%	-9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.83%	11.10%	-5.27%

Volatility

CNQ.TO vs. CPX.TO - Volatility Comparison

Canadian Natural Resources Limited (CNQ.TO) has a higher volatility of 9.61% compared to Capital Power Corporation (CPX.TO) at 7.55%. This indicates that CNQ.TO's price experiences larger fluctuations and is considered to be riskier than CPX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ.TO	CPX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.61%	7.55%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	23.71%	21.48%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	28.67%	29.41%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.46%	24.66%	+5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	25.92%	+12.11%

Dividends

CNQ.TO vs. CPX.TO - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.60%, less than CPX.TO's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQ.TO Canadian Natural Resources Limited	3.60%	5.06%	4.82%	4.26%	6.12%	3.66%	5.44%	3.50%	3.98%	2.40%	2.15%	3.02%
CPX.TO Capital Power Corporation	3.78%	4.59%	3.98%	6.32%	4.87%	5.38%	5.68%	5.40%	6.51%	6.60%	6.50%	7.93%

Financials

CNQ.TO vs. CPX.TO - Profitability Comparison

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

CNQ.TO - 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 3.47B and revenue of 10.81B. Therefore, the gross margin over that period was 32.1%.

CPX.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Capital Power Corporation reported a gross profit of 173.00M and revenue of 1.08B. Therefore, the gross margin over that period was 16.1%.

CNQ.TO - 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 2.67B and revenue of 10.81B, resulting in an operating margin of 24.7%.

CPX.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Capital Power Corporation reported an operating income of 118.00M and revenue of 1.08B, resulting in an operating margin of 11.0%.

CNQ.TO - 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 10.81B, resulting in a net margin of 12.5%.

CPX.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Capital Power Corporation reported a net income of 15.00M and revenue of 1.08B, resulting in a net margin of 1.4%.

Frequently Asked Questions

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

CNQ.TO and CPX.TO 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.