CNQ vs. CVE

Last updated Jun 4, 2026

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 18.26%/yr vs 9.04%/yr for CVE. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

CNQ vs. CVE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Natural Resources Limited (CNQ) and Cenovus Energy Inc. (CVE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ achieves a 42.17% return, which is significantly lower than CVE's 75.32% return. Over the past 10 years, CNQ has outperformed CVE with an annualized return of 18.26%, while CVE has yielded a comparatively lower 9.04% annualized return.

CNQ

• 1D: 1.02%
• 1M: 0.23%
• YTD: 42.17%
• 6M: 42.84%
• 1Y: 59.14%
• 3Y*: 25.18%
• 5Y*: 27.16%
• 10Y*: 18.26%

CVE

• 1D: 0.72%
• 1M: -1.67%
• YTD: 75.32%
• 6M: 64.14%
• 1Y: 124.58%
• 3Y*: 24.03%
• 5Y*: 28.75%
• 10Y*: 9.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNQ vs. CVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNQ Canadian Natural Resources Limited	42.17%	15.58%	-1.31%	23.72%	42.82%	83.55%	-19.06%	39.72%	-29.92%	15.97%
CVE Cenovus Energy Inc.	75.32%	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 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 18, 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

Market Cap CNQ : $99.96B CVE : $55.39B
EPS CNQ : $4.65 CVE : $2.52
PE Ratio CNQ : 10.25 CVE : 11.69
PEG Ratio CNQ : 0.49 CVE : 0.05
PS Ratio CNQ : 2.44 CVE : 1.10
PB Ratio CNQ : 2.23 CVE : 1.70
Total Revenue (TTM) CNQ : $40.74B CVE : $49.40B
Gross Profit (TTM) CNQ : $12.53B CVE : $9.68B
EBITDA (TTM) CNQ : $22.99B CVE : $11.54B

Return for Risk

CNQ vs. CVE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNQ

CNQ Risk / Return Rank: 85
CNQ Sharpe Ratio Rank: 88
CNQ Sortino Ratio Rank: 83
CNQ Omega Ratio Rank: 82
CNQ Calmar Ratio Rank: 88
CNQ Martin Ratio Rank: 86

CVE

CVE Risk / Return Rank: 95
CVE Sharpe Ratio Rank: 96
CVE Sortino Ratio Rank: 95
CVE Omega Ratio Rank: 92
CVE Calmar Ratio Rank: 97
CVE Martin Ratio Rank: 97

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 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.

	CNQ	CVE	Difference
Sharpe ratio Return per unit of total volatility	2.07	3.65	-1.58
Sortino ratio Return per unit of downside risk	2.55	4.04	-1.49
Omega ratio Gain probability vs. loss probability	1.33	1.49	-0.16
Calmar ratio Return relative to maximum drawdown	4.20	9.13	-4.94
Martin ratio Return relative to average drawdown	9.68	27.44	-17.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNQ vs. CVE - Sharpe Ratio Comparison

The current CNQ Sharpe Ratio is 2.07, which is lower than the CVE Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of CNQ and CVE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNQ	CVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	3.65	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.72	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.18	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.08	+0.33

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.

Drawdown Indicators

	CNQ	CVE	Difference
Max Drawdown Largest peak-to-trough decline	-80.75%	-94.87%	+14.12%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-13.72%	-0.44%
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%	-89.35%	+11.51%
Current Drawdown Current decline from peak	-4.80%	-7.30%	+2.50%
Average Drawdown Average peak-to-trough decline	-23.53%	-44.18%	+20.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	4.57%	+1.56%

Volatility

CNQ vs. CVE - Volatility Comparison

The current volatility for Canadian Natural Resources Limited (CNQ) is 9.27%, while Cenovus Energy Inc. (CVE) has a volatility of 11.27%. 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.

Volatility by Period

	CNQ	CVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	11.27%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	23.57%	26.39%	-2.82%
Volatility (1Y) Calculated over the trailing 1-year period	28.73%	34.36%	-5.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.79%	40.16%	-7.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.27%	50.60%	-10.33%

Dividends

CNQ vs. CVE - Dividend Comparison

CNQ's dividend yield for the trailing twelve months is around 3.65%, more than CVE's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQ Canadian Natural Resources Limited	3.65%	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.	1.98%	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 - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian Natural Resources Limited and Cenovus Energy Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNQ - 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 3.48B 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 Jun 2026, Cenovus Energy Inc. reported a gross profit of 2.71B and revenue of 12.39B. Therefore, the gross margin over that period was 21.9%.

CNQ - 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 2.68B 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 Jun 2026, Cenovus Energy Inc. reported an operating income of 2.30B and revenue of 12.39B, resulting in an operating margin of 18.6%.

CNQ - 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 10.84B, 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 Jun 2026, Cenovus Energy Inc. reported a net income of 1.57B and revenue of 12.39B, resulting in a net margin of 12.7%.

Frequently Asked Questions

Can I hold both CNQ and CVE in my portfolio?

CNQ and CVE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNQ or CVE?

CVE has higher volatility (11.27%) compared to CNQ (9.27%). In terms of maximum drawdown, CNQ dropped -80.75% vs CVE's -94.87%.

Which has better risk-adjusted returns?

CVE currently has the higher Sharpe Ratio (3.65 vs 2.07), 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.