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

CNQ.TO vs. XSP.TO

Last updated Jun 13, 2026

CNQ.TO (Canadian Natural Resources Limited) is a stock, while XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, CNQ.TO returned 23.43%/yr vs 13.40%/yr for XSP.TO. At a 0.42 correlation, their price movements are largely independent.

Performance

CNQ.TO vs. XSP.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 Core S&P 500 Index ETF (CAD-Hedged) (XSP.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 XSP.TO's 7.74% return. Over the past 10 years, CNQ.TO has outperformed XSP.TO with an annualized return of 23.43%, while XSP.TO has yielded a comparatively lower 13.40% 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%

XSP.TO

1D
0.50%
1M
-1.00%
YTD
7.74%
6M
7.98%
1Y
23.01%
3Y*
18.82%
5Y*
11.07%
10Y*
13.40%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CNQ.TO vs. XSP.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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		7.74%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%

Correlation

The correlation between CNQ.TO and XSP.TO is -0.16, 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

-0.16

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

0.12

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

0.24

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

0.33

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

0.42

The correlation between CNQ.TO and XSP.TO shifts across timeframes, from -0.16 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

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Canadian Natural Resources Limited

iShares Core S&P 500 Index ETF (CAD-Hedged)

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 XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. XQQ.TOXSP.TO vs. VFVA

Return for Risk

CNQ.TO vs. XSP.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
XSP.TO
XSP.TO Risk / Return Rank: 6060
Overall Rank
XSP.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
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. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
1.65
1.77

-0.12

Sortino ratioReturn per unit of downside risk
2.12
2.42

-0.30

Omega ratioGain probability vs. loss probability

1.28

1.32

-0.04

Calmar ratioReturn relative to maximum drawdown

3.12

2.30

+0.82

Martin ratioReturn relative to average drawdown

7.98

10.35

-2.36

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

The current CNQ.TO Sharpe Ratio is 1.65, which is comparable to the XSP.TO Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of CNQ.TO and XSP.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. XSP.TO - Drawdown Comparison

The maximum CNQ.TO drawdown since its inception was -74.63%, which is greater than XSP.TO's maximum drawdown of -57.71%. Use the drawdown chart below to compare losses from any high point for CNQ.TO and XSP.TO.

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Drawdown Indicators

CNQ.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-74.63%

-57.71%

-16.92%

Max Drawdown (1Y)

Largest decline over 1 year

-15.33%

-9.41%

-5.92%

Max Drawdown (3Y)

Largest decline over 3 years

-33.12%

-18.77%

-14.35%

Max Drawdown (5Y)

Largest decline over 5 years

-33.12%

-27.51%

-5.61%

Max Drawdown (10Y)

Largest decline over 10 years

-74.63%

-36.05%

-38.58%

Current Drawdown

Current decline from peak

-8.72%

-2.45%

-6.27%

Average Drawdown

Average peak-to-trough decline

-17.63%

-9.46%

-8.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.98%

2.09%

+3.89%

Volatility

CNQ.TO vs. XSP.TO - Volatility Comparison

Canadian Natural Resources Limited (CNQ.TO) has a higher volatility of 8.91% compared to iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) at 4.61%. This indicates that CNQ.TO's price experiences larger fluctuations and is considered to be riskier than XSP.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.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.91%

4.61%

+4.30%

Volatility (6M)

Calculated over the trailing 6-month period

24.23%

9.66%

+14.57%

Volatility (1Y)

Calculated over the trailing 1-year period

28.98%

12.22%

+16.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.61%

16.87%

+13.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.12%

18.24%

+19.88%

Dividends

CNQ.TO vs. XSP.TO - Dividend Comparison

CNQ.TO's dividend yield for the trailing twelve months is around 3.77%, more than XSP.TO's 1.14% 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%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.14%1.23%1.09%1.18%1.37%1.01%1.31%1.73%1.86%1.45%1.76%1.88%

Frequently Asked Questions

CNQ.TO and XSP.TO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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