CVE.TO vs. QQC.TO

Last updated Jun 5, 2026

CVE.TO (Cenovus Energy Inc.) is a stock, while QQC.TO (Invesco NASDAQ 100 Index ETF CAD Hedged) is Nasdaq-100 fund tracking the NASDAQ-100 Index. Over the past 5 years, CVE.TO returned 32.65%/yr vs 21.44%/yr for QQC.TO. At a 0.07 correlation, their price movements are largely independent.

Performance

CVE.TO vs. QQC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Cenovus Energy Inc. (CVE.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVE.TO achieves a 79.19% return, which is significantly higher than QQC.TO's 22.09% return.

CVE.TO

• 1D: 0.85%
• 1M: -0.39%
• YTD: 79.19%
• 6M: 63.92%
• 1Y: 140.27%
• 3Y*: 25.72%
• 5Y*: 32.65%
• 10Y*: 9.76%

QQC.TO

• 1D: -0.46%
• 1M: 10.83%
• YTD: 22.09%
• 6M: 18.58%
• 1Y: 42.69%
• 3Y*: 29.70%
• 5Y*: 21.44%
• 10Y*: —

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

CVE.TO vs. QQC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CVE.TO Cenovus Energy Inc.	79.19%	10.53%	2.13%	-14.07%	72.44%	58.96%
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	22.09%	15.38%	35.73%	51.73%	-28.07%	25.01%

Correlation

The correlation between CVE.TO and QQC.TO is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.07
Correlation (All Time) Calculated using the full available price history since May 31, 2021	0.07

The correlation between CVE.TO and QQC.TO shifts across timeframes, from -0.14 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CVE.TO vs. QQC.TO — Risk / Return Rank

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

CVE.TO

CVE.TO Risk / Return Rank: 97
CVE.TO Sharpe Ratio Rank: 97
CVE.TO Sortino Ratio Rank: 96
CVE.TO Omega Ratio Rank: 94
CVE.TO Calmar Ratio Rank: 97
CVE.TO Martin Ratio Rank: 98

QQC.TO

QQC.TO Risk / Return Rank: 77
QQC.TO Sharpe Ratio Rank: 86
QQC.TO Sortino Ratio Rank: 82
QQC.TO Omega Ratio Rank: 83
QQC.TO Calmar Ratio Rank: 72
QQC.TO Martin Ratio Rank: 63

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.

CVE.TO vs. QQC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE.TO) and Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO). 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.

	CVE.TO	QQC.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.13	2.80	+1.34
Sortino ratio: Return per unit of downside risk	4.43	3.64	+0.79
Omega ratio: Gain probability vs. loss probability	1.55	1.49	+0.05
Calmar ratio: Return relative to maximum drawdown	9.71	3.53	+6.18
Martin ratio: Return relative to average drawdown	29.34	11.21	+18.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVE.TO vs. QQC.TO - Sharpe Ratio Comparison

The current CVE.TO Sharpe Ratio is 4.13, which is higher than the QQC.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of CVE.TO and QQC.TO, 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

	CVE.TO	QQC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.13	2.80	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	1.03	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	1.02	-0.90

Drawdowns

CVE.TO vs. QQC.TO - Drawdown Comparison

The maximum CVE.TO drawdown since its inception was -92.84%, which is greater than QQC.TO's maximum drawdown of -31.81%. Use the drawdown chart below to compare losses from any high point for CVE.TO and QQC.TO.

Drawdown Indicators

	CVE.TO	QQC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-92.84%	-31.81%	-61.03%
Max Drawdown (1Y) Largest decline over 1 year	-14.53%	-12.14%	-2.39%
Max Drawdown (3Y) Largest decline over 3 years	-47.23%	-22.59%	-24.64%
Max Drawdown (5Y) Largest decline over 5 years	-47.23%	-31.81%	-15.42%
Max Drawdown (10Y) Largest decline over 10 years	-88.58%	—	—
Current Drawdown Current decline from peak	-5.38%	-0.46%	-4.92%
Average Drawdown Average peak-to-trough decline	-34.60%	-8.05%	-26.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.80%	3.82%	+0.98%

Volatility

CVE.TO vs. QQC.TO - Volatility Comparison

Cenovus Energy Inc. (CVE.TO) has a higher volatility of 11.63% compared to Invesco NASDAQ 100 Index ETF CAD Hedged (QQC.TO) at 4.39%. This indicates that CVE.TO's price experiences larger fluctuations and is considered to be riskier than QQC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVE.TO	QQC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.63%	4.39%	+7.24%
Volatility (6M) Calculated over the trailing 6-month period	26.45%	11.58%	+14.87%
Volatility (1Y) Calculated over the trailing 1-year period	34.48%	15.33%	+19.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.09%	20.85%	+17.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.99%	20.81%	+27.18%

Dividends

CVE.TO vs. QQC.TO - Dividend Comparison

CVE.TO's dividend yield for the trailing twelve months is around 1.93%, more than QQC.TO's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVE.TO Cenovus Energy Inc.	1.93%	3.36%	3.74%	2.38%	1.77%	0.57%	0.81%	1.61%	2.08%	1.74%	0.99%	4.87%
QQC.TO Invesco NASDAQ 100 Index ETF CAD Hedged	0.32%	0.39%	0.45%	0.54%	0.91%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVE.TO and QQC.TO in my portfolio?

CVE.TO and QQC.TO have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.