CNQ vs. FNV
CNQ (Canadian Natural Resources Limited) and FNV (Franco-Nevada Corporation) are both stocks. CNQ operates in Oil & Gas E&P (Energy), while FNV operates in Gold (Basic Materials). Over the past 10 years, CNQ returned 18.22%/yr vs 12.94%/yr for FNV. At a 0.24 correlation, their price movements are largely independent.
Performance
CNQ vs. FNV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CNQ achieves a 37.99% return, which is significantly higher than FNV's 3.78% return. Over the past 10 years, CNQ has outperformed FNV with an annualized return of 18.22%, while FNV has yielded a comparatively lower 12.94% annualized return.
CNQ
- 1D
- 1.29%
- 1M
- 3.95%
- YTD
- 37.99%
- 6M
- 38.89%
- 1Y
- 53.83%
- 3Y*
- 23.71%
- 5Y*
- 26.79%
- 10Y*
- 18.22%
FNV
- 1D
- -1.82%
- 1M
- -7.48%
- YTD
- 3.78%
- 6M
- 7.92%
- 1Y
- 29.43%
- 3Y*
- 14.93%
- 5Y*
- 7.95%
- 10Y*
- 12.94%
CNQ vs. FNV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNQ Canadian Natural Resources Limited | 37.99% | 15.58% | -1.31% | 23.72% | 42.82% | 83.55% | -19.06% | 39.72% | -29.92% | 15.97% |
FNV Franco-Nevada Corporation | 3.78% | 77.81% | 7.41% | -17.96% | -0.39% | 11.57% | 22.31% | 48.92% | -11.00% | 35.45% |
Correlation
The correlation between CNQ and FNV is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2007 | 0.24 |
The correlation between CNQ and FNV shifts across timeframes, from 0.06 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
CNQ:
$97.03B
FNV:
$41.49B
CNQ:
$4.65
FNV:
$7.10
CNQ:
9.95
FNV:
30.25
CNQ:
0.48
FNV:
0.63
CNQ:
2.37
FNV:
19.71
CNQ:
2.17
FNV:
5.10
CNQ:
$40.74B
FNV:
$2.10B
CNQ:
$12.53B
FNV:
$1.61B
CNQ:
$22.99B
FNV:
$1.96B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CNQ vs. FNV — Risk / Return Rank
CNQ
FNV
CNQ vs. FNV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ) and Franco-Nevada Corporation (FNV). 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 | FNV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.05 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 1.26 | +2.56 |
| Martin ratioReturn relative to average drawdown | 8.73 | 3.00 | +5.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| CNQ | FNV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.87 | 0.82 | +1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.26 | +0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.45 | 0.43 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 0.45 | -0.04 |
Drawdowns
CNQ vs. FNV - Drawdown Comparison
The maximum CNQ drawdown since its inception was -80.75%, which is greater than FNV's maximum drawdown of -58.76%. Use the drawdown chart below to compare losses from any high point for CNQ and FNV.
Loading charts...
Drawdown Indicators
| CNQ | FNV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.75% | -58.76% | -21.99% |
Max Drawdown (1Y)Largest decline over 1 year | -14.16% | -23.40% | +9.24% |
Max Drawdown (3Y)Largest decline over 3 years | -35.85% | -29.64% | -6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -35.85% | -37.12% | +1.27% |
Max Drawdown (10Y)Largest decline over 10 years | -77.84% | -37.12% | -40.72% |
Current DrawdownCurrent decline from peak | -7.60% | -23.40% | +15.80% |
Average DrawdownAverage peak-to-trough decline | -23.52% | -13.96% | -9.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.18% | 9.83% | -3.65% |
Volatility
CNQ vs. FNV - Volatility Comparison
The current volatility for Canadian Natural Resources Limited (CNQ) is 8.80%, while Franco-Nevada Corporation (FNV) has a volatility of 12.49%. This indicates that CNQ experiences smaller price fluctuations and is considered to be less risky than FNV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CNQ | FNV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.80% | 12.49% | -3.69% |
Volatility (6M)Calculated over the trailing 6-month period | 23.90% | 30.10% | -6.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.96% | 36.00% | -7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.84% | 30.35% | +2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.26% | 30.18% | +10.08% |
Dividends
CNQ vs. FNV - Dividend Comparison
CNQ's dividend yield for the trailing twelve months is around 3.76%, more than FNV's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNQ Canadian Natural Resources Limited | 3.76% | 5.01% | 5.02% | 4.17% | 6.31% | 3.78% | 5.26% | 3.49% | 4.56% | 3.08% | 2.94% | 4.21% |
FNV Franco-Nevada Corporation | 0.74% | 0.73% | 1.22% | 1.23% | 0.94% | 1.10% | 0.82% | 0.96% | 1.35% | 1.14% | 1.46% | 1.81% |
Financials
CNQ vs. FNV - Financials Comparison
This section allows you to compare key financial metrics between Canadian Natural Resources Limited and Franco-Nevada Corporation. 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. FNV - Profitability Comparison
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%.
FNV - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported a gross profit of 518.42M and revenue of 641.09M. Therefore, the gross margin over that period was 80.9%.
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%.
FNV - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported an operating income of 503.23M and revenue of 641.09M, resulting in an operating margin of 78.5%.
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%.
FNV - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Franco-Nevada Corporation reported a net income of 462.11M and revenue of 641.09M, resulting in a net margin of 72.1%.
Frequently Asked Questions
CNQ and FNV have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FNV has higher volatility (12.49%) compared to CNQ (8.80%). In terms of maximum drawdown, CNQ dropped -80.75% vs FNV's -58.76%.
CNQ currently has the higher Sharpe Ratio (1.87 vs 0.82), 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.
Find the right allocation for CNQ and FNV
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer