CNQ.TO vs. XLK
CNQ.TO (Canadian Natural Resources Limited) is a stock, while XLK (State Street Technology Select Sector SPDR ETF) is Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Over the past 10 years, CNQ.TO returned 23.43%/yr vs 26.27%/yr for XLK. At a 0.26 correlation, their price movements are largely independent.
Performance
CNQ.TO vs. XLK - Performance Comparison
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Different Trading Currencies
CNQ.TO is traded in CAD, while XLK is traded in USD. To make them comparable, the XLK 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 XLK's 31.13% return. Over the past 10 years, CNQ.TO has underperformed XLK with an annualized return of 23.43%, while XLK has yielded a comparatively higher 26.27% annualized 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%
XLK
- 1D
- 1.05%
- 1M
- 4.96%
- YTD
- 31.13%
- 6M
- 30.81%
- 1Y
- 59.71%
- 3Y*
- 32.23%
- 5Y*
- 25.59%
- 10Y*
- 26.27%
CNQ.TO vs. XLK - 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% |
XLK State Street Technology Select Sector SPDR ETF | 31.13% | 18.92% | 31.93% | 52.31% | -23.15% | 34.68% | 40.21% | 43.68% | 6.59% | 25.17% |
Correlation
The correlation between CNQ.TO and XLK 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 | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.26 |
The correlation between CNQ.TO and XLK shifts across timeframes, from -0.11 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CNQ.TO vs. XLK — Risk / Return Rank
CNQ.TO
XLK
CNQ.TO vs. XLK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and State Street Technology Select Sector SPDR ETF (XLK). 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 | XLK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.41 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 3.52 | -0.40 |
| Martin ratioReturn relative to average drawdown | 7.98 | 10.37 | -2.39 |
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Drawdowns
CNQ.TO vs. XLK - Drawdown Comparison
The maximum CNQ.TO drawdown since its inception was -74.63%, which is greater than XLK's maximum drawdown of -38.68%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and XLK.
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Drawdown Indicators
| CNQ.TO | XLK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.63% | -38.68% | -35.95% |
Max Drawdown (1Y)Largest decline over 1 year | -15.33% | -16.16% | +0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -33.12% | -26.35% | -6.77% |
Max Drawdown (5Y)Largest decline over 5 years | -33.12% | -29.64% | -3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -74.63% | -29.64% | -44.99% |
Current DrawdownCurrent decline from peak | -8.72% | -5.87% | -2.85% |
Average DrawdownAverage peak-to-trough decline | -17.63% | -7.56% | -10.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.98% | 5.48% | +0.50% |
Volatility
CNQ.TO vs. XLK - Volatility Comparison
The current volatility for Canadian Natural Resources Limited (CNQ.TO) is 8.91%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 10.83%. This indicates that CNQ.TO experiences smaller price fluctuations and is considered to be less risky than XLK 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 | XLK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 10.83% | -1.92% |
Volatility (6M)Calculated over the trailing 6-month period | 24.23% | 19.12% | +5.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.98% | 22.68% | +6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.61% | 25.91% | +4.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.12% | 25.57% | +12.55% |
Dividends
CNQ.TO vs. XLK - Dividend Comparison
CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, more than XLK's 0.41% yield.
| 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% |
XLK State Street Technology Select Sector SPDR ETF | 0.41% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
Frequently Asked Questions
CNQ.TO and XLK 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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