CNQ vs. CVE
CNQ (Canadian Natural Resources Limited) and CVE (Cenovus Energy Inc.) are both stocks. Both are in the Energy sector — CNQ in Oil & Gas E&P, CVE in Oil & Gas Integrated. Over the past 10 years, CNQ returned 18.25%/yr vs 10.51%/yr for CVE. Their 0.76 correlation means they have sometimes moved together and sometimes differently.
Performance
CNQ vs. CVE - Performance Comparison
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Returns By Period
In the year-to-date period, CNQ achieves a 43.71% return, which is significantly lower than CVE's 80.55% return. Over the past 10 years, CNQ has outperformed CVE with an annualized return of 18.25%, while CVE has yielded a comparatively lower 10.51% annualized return.
CNQ
- 1D
- 0.85%
- 1M
- 20.28%
- 6M
- 30.73%
- YTD
- 43.71%
- 1Y
- 61.23%
- 3Y*
- 21.70%
- 5Y*
- 30.51%
- 10Y*
- 18.25%
- ALL TIME*
- 16.70%
CVE
- 1D
- -0.43%
- 1M
- 22.47%
- 6M
- 54.91%
- YTD
- 80.55%
- 1Y
- 109.46%
- 3Y*
- 20.44%
- 5Y*
- 32.66%
- 10Y*
- 10.51%
- ALL TIME*
- 3.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $291.19M | $345.49M | $367.06M | |
| $230.02M | $205.23M | $230.19M |
CNQ vs. CVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNQ Canadian Natural Resources Limited | 43.71% | 15.58% | -1.31% | 23.72% | 42.82% | 83.55% | -19.06% | 39.72% | -29.92% | 15.97% |
CVE Cenovus Energy Inc. | 80.55% | 15.84% | -5.83% | -12.30% | 60.93% | 104.72% | -39.59% | 46.98% | -21.51% | -38.38% |
Correlation
The correlation between CNQ and CVE is 0.82, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.82 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.83 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.76 |
The correlation between CNQ and CVE has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.
Fundamentals
CNQ:
$99.45B
CVE:
$55.68B
CNQ:
CA$4.66
CVE:
CA$3.60
CNQ:
14.34
CVE:
11.75
CNQ:
0.69
CVE:
0.05
CNQ:
3.42
CVE:
1.45
CNQ:
3.13
CVE:
2.31
CNQ:
CA$40.74B
CVE:
CA$53.89B
CNQ:
CA$12.53B
CVE:
CA$11.52B
CNQ:
CA$22.99B
CVE:
CA$14.90B
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Return for Risk
CNQ vs. CVE — Risk / Return Rank
CNQ
CVE
CNQ vs. CVE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ) and Cenovus Energy Inc. (CVE). 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 | CVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.41 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 4.55 | -1.86 |
| Martin ratioReturn relative to average drawdown | 8.23 | 14.00 | -5.78 |
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Drawdowns
CNQ vs. CVE - Drawdown Comparison
The maximum CNQ drawdown since its inception was -80.75%, smaller than the maximum CVE drawdown of -94.87%. Use the drawdown chart below to compare losses from any high point for CNQ and CVE.
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Drawdown Indicators
| CNQ | CVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.75% | -94.87% | +14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -21.45% | -22.97% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -35.85% | -49.57% | +13.72% |
Max Drawdown (5Y)Largest decline over 5 years | -35.85% | -53.51% | +17.66% |
Max Drawdown (10Y)Largest decline over 10 years | -77.84% | -89.22% | +11.38% |
Current DrawdownCurrent decline from peak | -3.77% | -4.53% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -23.46% | -43.89% | +20.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.05% | 7.46% | -0.41% |
Volatility
CNQ vs. CVE - Volatility Comparison
The current volatility for Canadian Natural Resources Limited (CNQ) is 9.75%, while Cenovus Energy Inc. (CVE) has a volatility of 11.94%. This indicates that CNQ experiences smaller price fluctuations and is considered to be less risky than CVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CNQ | CVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.75% | 11.94% | -2.19% |
Volatility (6M)Calculated over the trailing 6-month period | 23.98% | 27.20% | -3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.50% | 36.01% | -5.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.83% | 40.21% | -7.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.24% | 50.48% | -10.24% |
Dividends
CNQ vs. CVE - Dividend Comparison
CNQ's dividend yield for the trailing twelve months is around 3.70%, more than CVE's 1.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNQ Canadian Natural Resources Limited | 3.70% | 5.01% | 5.02% | 4.17% | 6.31% | 3.78% | 5.26% | 3.49% | 4.56% | 3.08% | 2.94% | 4.21% |
CVE Cenovus Energy Inc. | 1.97% | 3.32% | 3.92% | 2.33% | 1.81% | 0.56% | 0.75% | 1.58% | 2.34% | 2.19% | 1.32% | 6.75% |
Financials
CNQ vs. CVE - Financials Comparison
This section allows you to compare key financial metrics between Canadian Natural Resources Limited and Cenovus Energy Inc.. 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 vs. CVE - Profitability Comparison
CNQ - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Canadian Natural Resources Limited reported a gross profit of 3.48B and revenue of 10.84B. Therefore, the gross margin over that period was 32.1%.
CVE - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Cenovus Energy Inc. reported a gross profit of 4.44B and revenue of 17.43B. Therefore, the gross margin over that period was 25.5%.
CNQ - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Canadian Natural Resources Limited reported an operating income of 2.68B and revenue of 10.84B, resulting in an operating margin of 24.7%.
CVE - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Cenovus Energy Inc. reported an operating income of 4.22B and revenue of 17.43B, resulting in an operating margin of 24.2%.
CNQ - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Canadian Natural Resources Limited reported a net income of 1.35B and revenue of 10.84B, resulting in a net margin of 12.5%.
CVE - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Cenovus Energy Inc. reported a net income of 2.87B and revenue of 17.43B, resulting in a net margin of 16.5%.
Frequently Asked Questions
CNQ and CVE have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVE has higher volatility (11.94%) compared to CNQ (9.75%). In terms of maximum drawdown, CNQ dropped -80.75% vs CVE's -94.87%.
CVE currently has the higher Sharpe Ratio (2.90 vs 1.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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