CVE vs. APA

Last updated Apr 1, 2026

Compare and contrast key facts about Cenovus Energy Inc. (CVE) and Apache Corporation (APA).

Performance

CVE vs. APA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cenovus Energy Inc. (CVE) and Apache Corporation (APA). The values are adjusted to include any dividend payments, if applicable.

CVE vs. APA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVE Cenovus Energy Inc.	57.78%	15.84%	-5.83%	-12.30%	60.93%	104.72%	-39.59%	46.98%	-21.51%	-38.38%
APA Apache Corporation	75.16%	11.54%	-33.44%	-21.24%	76.44%	90.76%	-43.71%	1.12%	-36.39%	-32.13%

Fundamentals

Market Cap CVE : $49.45B APA : $15.07B
EPS CVE : $2.15 APA : $3.99
PE Ratio CVE : 12.35 APA : 10.63
PEG Ratio CVE : 0.05 APA : 0.14
PS Ratio CVE : 0.95 APA : 1.71
PB Ratio CVE : 1.57 APA : 1.35
Total Revenue (TTM) CVE : $51.21B APA : $8.92B
Gross Profit (TTM) CVE : $10.08B APA : $2.62B
EBITDA (TTM) CVE : $10.22B APA : $4.29B

Returns By Period

In the year-to-date period, CVE achieves a 57.78% return, which is significantly lower than APA's 75.16% return. Over the past 10 years, CVE has outperformed APA with an annualized return of 9.84%, while APA has yielded a comparatively lower 1.38% annualized return.

CVE

• 1D: -0.15%
• 1M: 19.66%
• YTD: 57.78%
• 6M: 58.41%
• 1Y: 97.16%
• 3Y*: 18.66%
• 5Y*: 30.68%
• 10Y*: 9.84%

APA

• 1D: -2.97%
• 1M: 39.74%
• YTD: 75.16%
• 6M: 78.43%
• 1Y: 112.34%
• 3Y*: 9.66%
• 5Y*: 20.98%
• 10Y*: 1.38%

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

Return for Risk

CVE vs. APA — Risk / Return Rank

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

CVE

CVE Risk / Return Rank: 92
CVE Sharpe Ratio Rank: 94
CVE Sortino Ratio Rank: 91
CVE Omega Ratio Rank: 90
CVE Calmar Ratio Rank: 91
CVE Martin Ratio Rank: 95

APA

APA Risk / Return Rank: 88
APA Sharpe Ratio Rank: 91
APA Sortino Ratio Rank: 86
APA Omega Ratio Rank: 86
APA Calmar Ratio Rank: 88
APA Martin Ratio Rank: 90

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 vs. APA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE) and Apache Corporation (APA). 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	APA	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.06	+0.36
Sortino ratio Return per unit of downside risk	2.90	2.48	+0.42
Omega ratio Gain probability vs. loss probability	1.39	1.34	+0.05
Calmar ratio Return relative to maximum drawdown	4.02	3.34	+0.68
Martin ratio Return relative to average drawdown	15.13	10.49	+4.64
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 vs. APA - Sharpe Ratio Comparison

The current CVE Sharpe Ratio is 2.42, which is comparable to the APA Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of CVE and APA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CVE	APA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.06	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	0.43	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.02	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.17	-0.10

Correlation

The correlation between CVE and APA is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CVE vs. APA - Dividend Comparison

CVE's dividend yield for the trailing twelve months is around 2.20%, less than APA's 2.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVE Cenovus Energy Inc.	2.20%	3.32%	3.92%	2.33%	1.81%	0.56%	0.75%	1.58%	2.34%	2.19%	1.32%	6.75%
APA Apache Corporation	2.36%	4.09%	4.33%	2.79%	1.34%	0.51%	2.29%	3.91%	3.81%	2.37%	1.58%	2.25%

Drawdowns

CVE vs. APA - Drawdown Comparison

The maximum CVE drawdown since its inception was -94.87%, roughly equal to the maximum APA drawdown of -96.73%. Use the drawdown chart below to compare losses from any high point for CVE and APA.

Drawdown Indicators

	CVE	APA	Difference
Max Drawdown Largest peak-to-trough decline	-94.87%	-96.73%	+1.86%
Max Drawdown (1Y) Largest decline over 1 year	-24.64%	-33.95%	+9.31%
Max Drawdown (5Y) Largest decline over 5 years	-53.51%	-70.47%	+16.96%
Max Drawdown (10Y) Largest decline over 10 years	-89.35%	-93.49%	+4.14%
Current Drawdown Current decline from peak	-3.63%	-59.96%	+56.33%
Average Drawdown Average peak-to-trough decline	-44.60%	-40.25%	-4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.54%	10.80%	-4.26%

Volatility

CVE vs. APA - Volatility Comparison

The current volatility for Cenovus Energy Inc. (CVE) is 8.73%, while Apache Corporation (APA) has a volatility of 10.75%. This indicates that CVE experiences smaller price fluctuations and is considered to be less risky than APA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVE	APA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	10.75%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	24.03%	31.47%	-7.44%
Volatility (1Y) Calculated over the trailing 1-year period	40.37%	54.92%	-14.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.55%	48.56%	-8.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.62%	58.24%	-7.62%

Financials

CVE vs. APA - Profitability Comparison

The chart below illustrates the profitability comparison between Cenovus Energy Inc. and Apache Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CVE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported a gross profit of 1.32B and revenue of 10.87B. Therefore, the gross margin over that period was 12.1%.

APA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Apache Corporation reported a gross profit of 0.00 and revenue of 1.99B. Therefore, the gross margin over that period was 0.0%.

CVE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported an operating income of 1.08B and revenue of 10.87B, resulting in an operating margin of 9.9%.

APA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Apache Corporation reported an operating income of 0.00 and revenue of 1.99B, resulting in an operating margin of 0.0%.

CVE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported a net income of 933.24M and revenue of 10.87B, resulting in a net margin of 8.6%.

APA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Apache Corporation reported a net income of 279.00M and revenue of 1.99B, resulting in a net margin of 14.0%.