CNQ.TO vs. IONQ

Last updated Jun 13, 2026

CNQ.TO (Canadian Natural Resources Limited) and IONQ (IonQ, Inc.) are both stocks. CNQ.TO operates in Oil & Gas E&P (Energy), while IONQ operates in Computer Hardware (Technology). Over the past 5 years, CNQ.TO returned 33.86%/yr vs 44.61%/yr for IONQ. At a 0.14 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. IONQ - Performance Comparison

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

Different Trading Currencies

CNQ.TO is traded in CAD, while IONQ is traded in USD. To make them comparable, the IONQ 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 IONQ's 31.54% return.

CNQ.TO

• 1D: -0.19%
• 1M: -2.91%
• YTD: 37.61%
• 6M: 40.79%
• 1Y: 43.07%
• 3Y*: 27.02%
• 5Y*: 33.86%
• 10Y*: 23.43%

IONQ

• 1D: -0.06%
• 1M: 2.63%
• YTD: 31.54%
• 6M: 16.54%
• 1Y: 57.11%
• 3Y*: 78.53%
• 5Y*: 44.61%
• 10Y*: —

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

CNQ.TO vs. IONQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CNQ.TO Canadian Natural Resources Limited	37.61%	10.42%	8.27%	26.98%	63.10%	91.26%
IONQ IonQ, Inc.	31.54%	2.52%	265.67%	250.59%	-78.03%	50.37%

Correlation

The correlation between CNQ.TO and IONQ is 0.08, 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	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 4, 2021	0.14

Fundamentals

Market Cap CNQ.TO : CA$132.89B IONQ : $21.48B
EPS CNQ.TO : CA$4.65 IONQ : $0.86
PE Ratio CNQ.TO : 13.64 IONQ : 67.11
PS Ratio CNQ.TO : 3.34 IONQ : 99.37
PB Ratio CNQ.TO : 2.98 IONQ : 4.32
Total Revenue (TTM) CNQ.TO : CA$39.61B IONQ : $187.12M
Gross Profit (TTM) CNQ.TO : CA$12.42B IONQ : $71.25M
EBITDA (TTM) CNQ.TO : CA$17.78B IONQ : $405.86M

Return for Risk

CNQ.TO vs. IONQ — 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

IONQ

IONQ Risk / Return Rank: 61
IONQ Sharpe Ratio Rank: 61
IONQ Sortino Ratio Rank: 66
IONQ Omega Ratio Rank: 62
IONQ Calmar Ratio Rank: 59
IONQ Martin Ratio Rank: 57

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. IONQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and IonQ, Inc. (IONQ). 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	IONQ	Difference
Sharpe ratio: Return per unit of total volatility	1.65	0.57	+1.08
Sortino ratio: Return per unit of downside risk	2.12	1.47	+0.65
Omega ratio: Gain probability vs. loss probability	1.28	1.16	+0.12
Calmar ratio: Return relative to maximum drawdown	3.12	0.78	+2.34
Martin ratio: Return relative to average drawdown	7.98	1.40	+6.58

CNQ.TO vs. IONQ - Sharpe Ratio Comparison

The current CNQ.TO Sharpe Ratio is 1.65, which is higher than the IONQ Sharpe Ratio of 0.57. The chart below compares the historical Sharpe Ratios of CNQ.TO and IONQ, 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. IONQ - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -74.63%, smaller than the maximum IONQ drawdown of -89.21%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and IONQ.

Drawdown Indicators

	CNQ.TO	IONQ	Difference
Max Drawdown Largest peak-to-trough decline	-74.63%	-89.21%	+14.58%
Max Drawdown (1Y) Largest decline over 1 year	-15.33%	-67.84%	+52.51%
Max Drawdown (3Y) Largest decline over 3 years	-33.12%	-67.84%	+34.72%
Max Drawdown (5Y) Largest decline over 5 years	-33.12%	-89.21%	+56.09%
Max Drawdown (10Y) Largest decline over 10 years	-74.63%	—	—
Current Drawdown Current decline from peak	-8.72%	-29.66%	+20.94%
Average Drawdown Average peak-to-trough decline	-17.63%	-50.36%	+32.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.98%	37.76%	-31.78%

Volatility

CNQ.TO vs. IONQ - Volatility Comparison

The current volatility for Canadian Natural Resources Limited (CNQ.TO) is 8.91%, while IonQ, Inc. (IONQ) has a volatility of 31.60%. This indicates that CNQ.TO experiences smaller price fluctuations and is considered to be less risky than IONQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ.TO	IONQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.91%	31.60%	-22.69%
Volatility (6M) Calculated over the trailing 6-month period	24.23%	68.87%	-44.64%
Volatility (1Y) Calculated over the trailing 1-year period	28.98%	93.24%	-64.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.61%	100.62%	-70.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.12%	97.74%	-59.62%

Dividends

CNQ.TO vs. IONQ - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, while IONQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
IONQ IonQ, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

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

CNQ.TO and IONQ have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.