CNQ vs. SPYI

Last updated Jun 13, 2026

CNQ (Canadian Natural Resources Limited) is a stock, while SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos. Over the past 3 years, CNQ returned 23.03%/yr vs 15.48%/yr for SPYI. At a 0.25 correlation, their price movements are largely independent.

Performance

CNQ vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Natural Resources Limited (CNQ) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNQ achieves a 35.04% return, which is significantly higher than SPYI's 6.31% return.

CNQ

• 1D: -0.31%
• 1M: -4.77%
• YTD: 35.04%
• 6M: 38.56%
• 1Y: 38.90%
• 3Y*: 23.03%
• 5Y*: 26.12%
• 10Y*: 17.89%

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

CNQ vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CNQ Canadian Natural Resources Limited	35.04%	15.58%	-1.31%	23.72%	-2.16%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between CNQ and SPYI is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.25

The correlation between CNQ and SPYI shifts across timeframes, from -0.12 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CNQ vs. SPYI — Risk / Return Rank

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

CNQ

CNQ Risk / Return Rank: 81
CNQ Sharpe Ratio Rank: 83
CNQ Sortino Ratio Rank: 77
CNQ Omega Ratio Rank: 76
CNQ Calmar Ratio Rank: 85
CNQ Martin Ratio Rank: 82

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Natural Resources Limited (CNQ) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.98	-0.47
Sortino ratio: Return per unit of downside risk	1.98	2.68	-0.71
Omega ratio: Gain probability vs. loss probability	1.25	1.39	-0.13
Calmar ratio: Return relative to maximum drawdown	3.09	2.59	+0.50
Martin ratio: Return relative to average drawdown	6.92	13.05	-6.12

CNQ vs. SPYI - Sharpe Ratio Comparison

The current CNQ Sharpe Ratio is 1.51, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of CNQ and SPYI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CNQ vs. SPYI - Drawdown Comparison

The maximum CNQ drawdown since its inception was -80.75%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for CNQ and SPYI.

Drawdown Indicators

	CNQ	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-80.75%	-16.47%	-64.28%
Max Drawdown (1Y) Largest decline over 1 year	-14.16%	-7.72%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-35.85%	-16.47%	-19.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-77.84%	—	—
Current Drawdown Current decline from peak	-9.57%	-1.79%	-7.78%
Average Drawdown Average peak-to-trough decline	-23.51%	-1.81%	-21.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.30%	1.53%	+4.77%

Volatility

CNQ vs. SPYI - Volatility Comparison

Canadian Natural Resources Limited (CNQ) has a higher volatility of 8.56% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that CNQ's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNQ	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.56%	3.62%	+4.94%
Volatility (6M) Calculated over the trailing 6-month period	24.09%	8.07%	+16.02%
Volatility (1Y) Calculated over the trailing 1-year period	29.06%	10.10%	+18.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.86%	12.99%	+19.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.24%	12.99%	+27.25%

Dividends

CNQ vs. SPYI - Dividend Comparison

CNQ's dividend yield for the trailing twelve months is around 3.84%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNQ Canadian Natural Resources Limited	2.89%	5.01%	5.02%	4.17%	6.31%	3.78%	5.26%	3.49%	4.56%	3.08%	2.94%	4.21%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNQ and SPYI in my portfolio?

CNQ and SPYI have a correlation of -0.12, 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 SPYI?

CNQ has higher volatility (8.56%) compared to SPYI (3.62%). In terms of maximum drawdown, CNQ dropped -80.75% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.51), 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.