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CNQ.TO vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CNQ.TO vs. XMA.TO

Last updated Jun 13, 2026

CNQ.TO (Canadian Natural Resources Limited) is a stock, while XMA.TO (iShares S&P/TSX Capped Materials Index ETF) is Materials fund tracking the S&P/TSX Capped Materials TR. Over the past 10 years, CNQ.TO returned 23.43%/yr vs 13.48%/yr for XMA.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Natural Resources Limited (CNQ.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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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 XMA.TO's 1.98% return. Over the past 10 years, CNQ.TO has outperformed XMA.TO with an annualized return of 23.43%, while XMA.TO has yielded a comparatively lower 13.48% 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%

XMA.TO

1D
3.03%
1M
-10.24%
YTD
1.98%
6M
3.38%
1Y
53.64%
3Y*
33.28%
5Y*
18.78%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		1.98%99.21%20.72%-2.04%1.35%3.32%19.73%24.64%-10.44%7.12%

Correlation

The correlation between CNQ.TO and XMA.TO is -0.04, 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

-0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.28

Correlation (10Y)
Calculated over the trailing 10-year period

0.23

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.37

The correlation between CNQ.TO and XMA.TO shifts across timeframes, from -0.04 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

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Canadian Natural Resources Limited

iShares S&P/TSX Capped Materials Index ETF

Often compared with CNQ.TO:
CNQ.TO vs. ENB.TOCNQ.TO vs. SU.TOCNQ.TO vs. TOU.TOCNQ.TO vs. WCP.TOCNQ.TO vs. ARX.TOCNQ.TO vs. XEG.TOCNQ.TO vs. PPL.TO
Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO

Return for Risk

CNQ.TO vs. XMA.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: 8383
Overall Rank
CNQ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
CNQ.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
CNQ.TO Omega Ratio Rank: 7979
Omega Ratio Rank
CNQ.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
CNQ.TO Martin Ratio Rank: 8585
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
Martin Ratio Rank
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. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.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.TOXMA.TODifference
Sharpe ratioReturn per unit of total volatility
1.65
1.46

+0.19

Sortino ratioReturn per unit of downside risk
2.12
1.83

+0.29

Omega ratioGain probability vs. loss probability

1.28

1.27

+0.02

Calmar ratioReturn relative to maximum drawdown

3.12

1.97

+1.15

Martin ratioReturn relative to average drawdown

7.98

5.39

+2.60

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

The current CNQ.TO Sharpe Ratio is 1.65, which is comparable to the XMA.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of CNQ.TO and XMA.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.

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Drawdowns

CNQ.TO vs. XMA.TO - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -74.63%, which is greater than XMA.TO's maximum drawdown of -64.42%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and XMA.TO.

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Drawdown Indicators

CNQ.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-74.63%

-64.42%

-10.21%

Max Drawdown (1Y)

Largest decline over 1 year

-15.33%

-28.51%

+13.18%

Max Drawdown (3Y)

Largest decline over 3 years

-33.12%

-28.51%

-4.61%

Max Drawdown (5Y)

Largest decline over 5 years

-33.12%

-33.06%

-0.06%

Max Drawdown (10Y)

Largest decline over 10 years

-74.63%

-33.06%

-41.57%

Current Drawdown

Current decline from peak

-8.72%

-23.00%

+14.28%

Average Drawdown

Average peak-to-trough decline

-17.63%

-27.07%

+9.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.98%

10.41%

-4.43%

Volatility

CNQ.TO vs. XMA.TO - Volatility Comparison

The current volatility for Canadian Natural Resources Limited (CNQ.TO) is 8.91%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 15.41%. This indicates that CNQ.TO experiences smaller price fluctuations and is considered to be less risky than XMA.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.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.91%

15.41%

-6.50%

Volatility (6M)

Calculated over the trailing 6-month period

24.23%

32.63%

-8.40%

Volatility (1Y)

Calculated over the trailing 1-year period

28.98%

38.59%

-9.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.61%

27.96%

+2.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.12%

26.78%

+11.34%

Dividends

CNQ.TO vs. XMA.TO - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, more than XMA.TO's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%

Frequently Asked Questions

CNQ.TO and XMA.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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