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CVE.TO vs. XSH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CVE.TO vs. XSH.TO

Last updated Jun 30, 2026
See Documentation

CVE.TO (Cenovus Energy Inc.) is a stock, while XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) is Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Over the past 10 years, CVE.TO returned 9.30%/yr vs 2.86%/yr for XSH.TO. At a correlation of -0.08, they often move in opposite directions.

Performance

CVE.TO vs. XSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Cenovus Energy Inc. (CVE.TO) and iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CVE.TO achieves a 54.88% return, which is significantly higher than XSH.TO's 1.67% return. Over the past 10 years, CVE.TO has outperformed XSH.TO with an annualized return of 9.30%, while XSH.TO has yielded a comparatively lower 2.86% annualized return.

CVE.TO

1D
1.05%
1M
-6.10%
YTD
54.88%
6M
55.55%
1Y
95.55%
3Y*
20.17%
5Y*
27.74%
10Y*
9.30%

XSH.TO

1D
0.10%
1M
0.33%
YTD
1.67%
6M
1.62%
1Y
3.91%
3Y*
6.19%
5Y*
2.97%
10Y*
2.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
CVE.TO
Cenovus Energy Inc.		54.88%10.53%2.13%-14.07%72.44%101.53%-40.39%39.99%-14.88%-42.52%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		1.67%4.61%7.11%6.80%-4.52%-0.81%6.28%5.02%1.28%0.78%

Correlation

The correlation between CVE.TO and XSH.TO is -0.26, 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

-0.26

Correlation (3Y)
Calculated over the trailing 3-year period

-0.14

Correlation (5Y)
Calculated over the trailing 5-year period

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.09

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2011

-0.08

The correlation between CVE.TO and XSH.TO shifts across timeframes, from -0.26 (1 year) to -0.08 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Cenovus Energy Inc.

iShares Core Canadian Short Term Corporate Bond Index ETF

Often compared with CVE.TO:
CVE.TO vs. TOU.TOCVE.TO vs. PPL.TOCVE.TO vs. PXT.TOCVE.TO vs. CNQ.TOCVE.TO vs. GEI.TOCVE.TO vs. SUCVE.TO vs. VOO
Often compared with XSH.TO:
XSH.TO vs. XSB.TOXSH.TO vs. XCB.TOXSH.TO vs. XBB.TOXSH.TO vs. XFR.TOXSH.TO vs. ZMMK.TOXSH.TO vs. ZAG.TOXSH.TO vs. ZCS.TO

Return for Risk

CVE.TO vs. XSH.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: 9393
Overall Rank
CVE.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
CVE.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
CVE.TO Omega Ratio Rank: 9090
Omega Ratio Rank
CVE.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
CVE.TO Martin Ratio Rank: 9595
Martin Ratio Rank
XSH.TO
XSH.TO Risk / Return Rank: 6565
Overall Rank
XSH.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XSH.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
XSH.TO Omega Ratio Rank: 7171
Omega Ratio Rank
XSH.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
XSH.TO Martin Ratio Rank: 6666
Martin Ratio Rank
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. XSH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE.TO) and iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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.

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.

CVE.TOXSH.TODifference
Sharpe ratioReturn per unit of total volatility
2.77
1.80

+0.97

Sortino ratioReturn per unit of downside risk
3.29
2.54

+0.75

Omega ratioGain probability vs. loss probability

1.40

1.36

+0.04

Calmar ratioReturn relative to maximum drawdown

4.91

2.61

+2.30

Martin ratioReturn relative to average drawdown

15.90

10.21

+5.69

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

The current CVE.TO Sharpe Ratio is 2.77, which is higher than the XSH.TO Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of CVE.TO and XSH.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.

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Drawdowns

CVE.TO vs. XSH.TO - Drawdown Comparison

The maximum CVE.TO drawdown since its inception was -92.84%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for CVE.TO and XSH.TO.

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Drawdown Indicators

CVE.TOXSH.TODifference

Max Drawdown

Largest peak-to-trough decline

-92.84%

-14.24%

-78.60%

Max Drawdown (1Y)

Largest decline over 1 year

-19.55%

-1.51%

-18.04%

Max Drawdown (3Y)

Largest decline over 3 years

-47.23%

-1.51%

-45.72%

Max Drawdown (5Y)

Largest decline over 5 years

-47.23%

-7.80%

-39.43%

Max Drawdown (10Y)

Largest decline over 10 years

-88.58%

-14.24%

-74.34%

Current Drawdown

Current decline from peak

-18.22%

0.00%

-18.22%

Average Drawdown

Average peak-to-trough decline

-34.52%

-0.92%

-33.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.03%

0.38%

+5.65%

Volatility

CVE.TO vs. XSH.TO - Volatility Comparison

Cenovus Energy Inc. (CVE.TO) has a higher volatility of 11.22% compared to iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) at 0.55%. This indicates that CVE.TO's price experiences larger fluctuations and is considered to be riskier than XSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CVE.TOXSH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.22%

0.55%

+10.67%

Volatility (6M)

Calculated over the trailing 6-month period

27.23%

1.80%

+25.43%

Volatility (1Y)

Calculated over the trailing 1-year period

34.80%

2.19%

+32.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.14%

2.84%

+35.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

47.94%

4.42%

+43.52%

Dividends

CVE.TO vs. XSH.TO - Dividend Comparison

CVE.TO's dividend yield for the trailing twelve months is around 2.31%, less than XSH.TO's 3.90% yield.

PositionTTM20252024202320222021202020192018201720162015
CVE.TO
Cenovus Energy Inc.		2.31%3.36%3.74%2.38%1.77%0.56%0.81%1.61%2.08%1.74%0.99%4.87%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		3.90%3.82%3.64%3.24%2.97%2.65%2.61%2.80%2.86%2.93%3.08%3.18%

Frequently Asked Questions

CVE.TO and XSH.TO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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