CNQ vs. GSY

Last updated Jun 5, 2026

CNQ (Canadian Natural Resources Limited) is a stock, while GSY (Invesco Ultra Short Duration ETF) is Ultrashort Bond fund actively managed by Invesco. Over the past 10 years, CNQ returned 18.07%/yr vs 2.87%/yr for GSY. At a correlation of -0.01, they often move in opposite directions.

Performance

CNQ vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Natural Resources Limited (CNQ) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ achieves a 42.08% return, which is significantly higher than GSY's 1.63% return. Over the past 10 years, CNQ has outperformed GSY with an annualized return of 18.07%, while GSY has yielded a comparatively lower 2.87% annualized return.

CNQ

• 1D: -0.06%
• 1M: -0.40%
• YTD: 42.08%
• 6M: 41.38%
• 1Y: 61.82%
• 3Y*: 25.66%
• 5Y*: 27.14%
• 10Y*: 18.07%

GSY

• 1D: 0.04%
• 1M: 0.42%
• YTD: 1.63%
• 6M: 2.00%
• 1Y: 4.54%
• 3Y*: 5.45%
• 5Y*: 3.66%
• 10Y*: 2.87%

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

CNQ vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNQ Canadian Natural Resources Limited	42.08%	15.58%	-1.31%	23.72%	42.82%	83.55%	-19.06%	39.72%	-29.92%	15.97%
GSY Invesco Ultra Short Duration ETF	1.63%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between CNQ and GSY is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.01
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Feb 13, 2008	-0.01

Over the past year, the inverse relationship between CNQ and GSY has strengthened: their correlation has moved from -0.01 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

CNQ vs. GSY — Risk / Return Rank

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

CNQ

CNQ Risk / Return Rank: 87
CNQ Sharpe Ratio Rank: 89
CNQ Sortino Ratio Rank: 84
CNQ Omega Ratio Rank: 84
CNQ Calmar Ratio Rank: 89
CNQ Martin Ratio Rank: 87

GSY

GSY Risk / Return Rank: 100
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 100
GSY Omega Ratio Rank: 100
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ) and Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	2.17	11.52	-9.35
Sortino ratio: Return per unit of downside risk	2.65	29.56	-26.91
Omega ratio: Gain probability vs. loss probability	1.35	7.01	-5.67
Calmar ratio: Return relative to maximum drawdown	4.39	76.07	-71.68
Martin ratio: Return relative to average drawdown	10.10	397.69	-387.59
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. GSY - Sharpe Ratio Comparison

The current CNQ Sharpe Ratio is 2.17, which is lower than the GSY Sharpe Ratio of 11.52. The chart below compares the historical Sharpe Ratios of CNQ and GSY, 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	GSY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.17	11.52	-9.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	6.30	-5.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	2.35	-1.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	0.46	-0.05

Drawdowns

CNQ vs. GSY - Drawdown Comparison

The maximum CNQ drawdown since its inception was -80.75%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for CNQ and GSY.

Drawdown Indicators

	CNQ	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-80.75%	-12.14%	-68.61%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-0.06%	-14.10%
Max Drawdown (3Y) Largest decline over 3 years	-35.85%	-0.18%	-35.67%
Max Drawdown (5Y) Largest decline over 5 years	-35.85%	-1.48%	-34.37%
Max Drawdown (10Y) Largest decline over 10 years	-77.84%	-5.25%	-72.59%
Current Drawdown Current decline from peak	-4.86%	0.00%	-4.86%
Average Drawdown Average peak-to-trough decline	-23.53%	-2.39%	-21.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.14%	0.01%	+6.13%

Volatility

CNQ vs. GSY - Volatility Comparison

Canadian Natural Resources Limited (CNQ) has a higher volatility of 9.25% compared to Invesco Ultra Short Duration ETF (GSY) at 0.14%. This indicates that CNQ's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.25%	0.14%	+9.11%
Volatility (6M) Calculated over the trailing 6-month period	23.51%	0.29%	+23.22%
Volatility (1Y) Calculated over the trailing 1-year period	28.67%	0.40%	+28.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.78%	0.58%	+32.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.26%	1.22%	+39.04%

Dividends

CNQ vs. GSY - Dividend Comparison

CNQ's dividend yield for the trailing twelve months is around 3.65%, less than GSY's 4.34% 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%
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both CNQ and GSY in my portfolio?

CNQ and GSY have a correlation of -0.22, 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 GSY?

CNQ has higher volatility (9.25%) compared to GSY (0.14%). In terms of maximum drawdown, CNQ dropped -80.75% vs GSY's -12.14%.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.52 vs 2.17), 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.