CVE.TO vs. ZLB.TO

Last updated Jun 30, 2026

CVE.TO (Cenovus Energy Inc.) is a stock, while ZLB.TO (BMO Low Volatility Canadian Equity ETF) is Canada Equities fund actively managed by BMO. Over the past 10 years, CVE.TO returned 9.30%/yr vs 10.74%/yr for ZLB.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

CVE.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Cenovus Energy Inc. (CVE.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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 54.88% return, which is significantly higher than ZLB.TO's 7.53% return. Over the past 10 years, CVE.TO has underperformed ZLB.TO with an annualized return of 9.30%, while ZLB.TO has yielded a comparatively higher 10.74% 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%

ZLB.TO

• 1D: -0.64%
• 1M: 3.55%
• YTD: 7.53%
• 6M: 3.26%
• 1Y: 14.80%
• 3Y*: 15.13%
• 5Y*: 11.70%
• 10Y*: 10.74%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
ZLB.TO BMO Low Volatility Canadian Equity ETF	7.53%	20.40%	15.31%	9.41%	-0.35%	22.93%	1.51%	21.92%	-2.76%	11.11%

Correlation

The correlation between CVE.TO and ZLB.TO is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 27, 2011	0.23

The correlation between CVE.TO and ZLB.TO shifts across timeframes, from -0.20 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVE.TO vs. ZLB.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: 93
CVE.TO Sharpe Ratio Rank: 95
CVE.TO Sortino Ratio Rank: 92
CVE.TO Omega Ratio Rank: 90
CVE.TO Calmar Ratio Rank: 93
CVE.TO Martin Ratio Rank: 95

ZLB.TO

ZLB.TO Risk / Return Rank: 55
ZLB.TO Sharpe Ratio Rank: 54
ZLB.TO Sortino Ratio Rank: 50
ZLB.TO Omega Ratio Rank: 56
ZLB.TO Calmar Ratio Rank: 62
ZLB.TO Martin Ratio Rank: 51

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. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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.TO	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.77	1.60	+1.17
Sortino ratio: Return per unit of downside risk	3.29	2.17	+1.12
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	4.91	2.62	+2.29
Martin ratio: Return relative to average drawdown	15.90	7.68	+8.22

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

The current CVE.TO Sharpe Ratio is 2.77, which is higher than the ZLB.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of CVE.TO and ZLB.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.

Drawdowns

CVE.TO vs. ZLB.TO - Drawdown Comparison

The maximum CVE.TO drawdown since its inception was -92.84%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for CVE.TO and ZLB.TO.

Drawdown Indicators

	CVE.TO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-92.84%	-33.96%	-58.88%
Max Drawdown (1Y) Largest decline over 1 year	-19.55%	-5.67%	-13.88%
Max Drawdown (3Y) Largest decline over 3 years	-47.23%	-8.01%	-39.22%
Max Drawdown (5Y) Largest decline over 5 years	-47.23%	-13.00%	-34.23%
Max Drawdown (10Y) Largest decline over 10 years	-88.58%	-33.96%	-54.62%
Current Drawdown Current decline from peak	-18.22%	-0.64%	-17.58%
Average Drawdown Average peak-to-trough decline	-34.52%	-2.48%	-32.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.03%	1.93%	+4.10%

Volatility

CVE.TO vs. ZLB.TO - Volatility Comparison

Cenovus Energy Inc. (CVE.TO) has a higher volatility of 11.22% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.50%. This indicates that CVE.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVE.TO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.22%	2.50%	+8.72%
Volatility (6M) Calculated over the trailing 6-month period	27.23%	7.76%	+19.47%
Volatility (1Y) Calculated over the trailing 1-year period	34.80%	9.31%	+25.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.14%	9.64%	+28.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.94%	12.22%	+35.72%

Dividends

CVE.TO vs. ZLB.TO - Dividend Comparison

CVE.TO's dividend yield for the trailing twelve months is around 2.31%, more than ZLB.TO's 1.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.83%	1.99%	2.37%	2.67%	2.66%	2.39%	2.83%	2.44%	2.76%	2.55%	2.94%	2.34%

Frequently Asked Questions

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

CVE.TO and ZLB.TO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.