CNQ.TO vs. TD.TO
CNQ.TO (Canadian Natural Resources Limited) and TD.TO (The Toronto-Dominion Bank) are both stocks. CNQ.TO operates in Oil & Gas E&P (Energy), while TD.TO operates in Banks - Diversified (Financial Services). Over the past 10 years, CNQ.TO returned 23.43%/yr vs 16.09%/yr for TD.TO. At a 0.36 correlation, their price movements are largely independent.
Performance
CNQ.TO vs. TD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNQ.TO achieves a 37.61% return, which is significantly higher than TD.TO's 28.85% return. Over the past 10 years, CNQ.TO has outperformed TD.TO with an annualized return of 23.43%, while TD.TO has yielded a comparatively lower 16.09% annualized return.
CNQ.TO
- 1D
- -0.19%
- 1M
- -1.99%
- YTD
- 37.61%
- 6M
- 40.79%
- 1Y
- 47.63%
- 3Y*
- 27.02%
- 5Y*
- 33.86%
- 10Y*
- 23.43%
TD.TO
- 1D
- 1.10%
- 1M
- 12.21%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.53%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
CNQ.TO vs. TD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNQ.TO Canadian Natural Resources Limited | 37.61% | 10.42% | 8.27% | 26.98% | 63.10% | 91.26% | -12.94% | 38.84% | -21.36% | 10.89% |
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
Correlation
The correlation between CNQ.TO and TD.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.36 |
The correlation between CNQ.TO and TD.TO shifts across timeframes, from -0.11 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.
Fundamentals
CNQ.TO:
CA$132.89B
TD.TO:
CA$273.16B
CNQ.TO:
CA$4.65
TD.TO:
CA$8.81
CNQ.TO:
13.64
TD.TO:
18.62
CNQ.TO:
0.66
TD.TO:
0.67
CNQ.TO:
3.34
TD.TO:
2.47
CNQ.TO:
2.98
TD.TO:
2.42
CNQ.TO:
CA$39.61B
TD.TO:
CA$112.59B
CNQ.TO:
CA$12.42B
TD.TO:
CA$59.48B
CNQ.TO:
CA$17.78B
TD.TO:
CA$19.98B
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Return for Risk
CNQ.TO vs. TD.TO — Risk / Return Rank
CNQ.TO
TD.TO
CNQ.TO vs. TD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and The Toronto-Dominion Bank (TD.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.
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 | TD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.89 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 11.51 | -8.39 |
| Martin ratioReturn relative to average drawdown | 7.98 | 48.39 | -40.41 |
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Drawdowns
CNQ.TO vs. TD.TO - Drawdown Comparison
The maximum CNQ.TO drawdown since its inception was -74.63%, which is greater than TD.TO's maximum drawdown of -52.42%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and TD.TO.
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Drawdown Indicators
| CNQ.TO | TD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.63% | -52.42% | -22.21% |
Max Drawdown (1Y)Largest decline over 1 year | -15.33% | -6.68% | -8.65% |
Max Drawdown (3Y)Largest decline over 3 years | -33.12% | -15.04% | -18.08% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -26.06% | -7.06% |
Max Drawdown (10Y)Largest decline over 10 years | -74.63% | -35.80% | -38.83% |
Current DrawdownCurrent decline from peak | -8.72% | 0.00% | -8.72% |
Average DrawdownAverage peak-to-trough decline | -17.63% | -7.29% | -10.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.98% | 1.59% | +4.39% |
Volatility
CNQ.TO vs. TD.TO - Volatility Comparison
Canadian Natural Resources Limited (CNQ.TO) has a higher volatility of 8.91% compared to The Toronto-Dominion Bank (TD.TO) at 5.14%. This indicates that CNQ.TO's price experiences larger fluctuations and is considered to be riskier than TD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNQ.TO | TD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 5.14% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 11.73% | +12.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.98% | 15.16% | +13.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.61% | 17.17% | +13.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.12% | 19.29% | +18.83% |
Dividends
CNQ.TO vs. TD.TO - Dividend Comparison
CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, more than TD.TO's 2.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNQ.TO Canadian Natural Resources Limited | 3.77% | 5.05% | 6.00% | 8.53% | 12.23% | 7.63% | 11.35% | 7.29% | 8.31% | 5.00% | 4.49% | 6.22% |
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
Financials
CNQ.TO vs. TD.TO - Financials Comparison
This section allows you to compare key financial metrics between Canadian Natural Resources Limited and The Toronto-Dominion Bank. 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
CNQ.TO vs. TD.TO - Profitability Comparison
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%.
TD.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.91B and revenue of 27.03B. Therefore, the gross margin over that period was 55.2%.
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%.
TD.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.03B and revenue of 27.03B, resulting in an operating margin of 18.6%.
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%.
TD.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.03B, resulting in a net margin of 15.7%.
Frequently Asked Questions
CNQ.TO and TD.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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