CVE vs. BP

Last updated Jun 24, 2026

CVE (Cenovus Energy Inc.) and BP (BP p.l.c.) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 10 years, CVE returned 8.73%/yr vs 7.74%/yr for BP. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

CVE vs. BP - Performance Comparison

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

Returns By Period

In the year-to-date period, CVE achieves a 53.94% return, which is significantly higher than BP's 16.03% return. Over the past 10 years, CVE has outperformed BP with an annualized return of 8.73%, while BP has yielded a comparatively lower 7.74% annualized return.

CVE

• 1D: 0.27%
• 1M: -13.86%
• YTD: 53.94%
• 6M: 55.22%
• 1Y: 90.26%
• 3Y*: 20.81%
• 5Y*: 24.39%
• 10Y*: 8.73%

BP

• 1D: -1.13%
• 1M: -11.34%
• YTD: 16.03%
• 6M: 16.53%
• 1Y: 36.72%
• 3Y*: 9.90%
• 5Y*: 13.07%
• 10Y*: 7.74%

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

CVE vs. BP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVE Cenovus Energy Inc.	53.94%	15.84%	-5.83%	-12.30%	60.93%	104.72%	-39.59%	46.98%	-21.51%	-38.38%
BP BP p.l.c.	16.03%	24.54%	-11.84%	6.00%	37.01%	36.38%	-41.31%	5.83%	-4.57%	20.02%

Correlation

The correlation between CVE and BP is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.63

The correlation between CVE and BP has been stable across timeframes, ranging from 0.63 to 0.72 - a consistent structural relationship.

Fundamentals

Market Cap CVE : $48.37B BP : $102.67B
EPS CVE : CA$2.52 BP : $1.23
PE Ratio CVE : 14.46 BP : 32.05
PEG Ratio CVE : 0.06 BP : 3.13
PS Ratio CVE : 1.36 BP : 0.53
PB Ratio CVE : 2.10 BP : 1.83
Total Revenue (TTM) CVE : CA$49.40B BP : $194.60B
Gross Profit (TTM) CVE : CA$9.68B BP : $37.65B
EBITDA (TTM) CVE : CA$11.54B BP : $35.67B

Return for Risk

CVE vs. BP — Risk / Return Rank

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

CVE

CVE Risk / Return Rank: 91
CVE Sharpe Ratio Rank: 93
CVE Sortino Ratio Rank: 90
CVE Omega Ratio Rank: 87
CVE Calmar Ratio Rank: 90
CVE Martin Ratio Rank: 94

BP

BP Risk / Return Rank: 77
BP Sharpe Ratio Rank: 80
BP Sortino Ratio Rank: 73
BP Omega Ratio Rank: 73
BP Calmar Ratio Rank: 77
BP Martin Ratio Rank: 84

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. BP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE) and BP p.l.c. (BP). 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	BP	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.37	+1.25
Sortino ratio: Return per unit of downside risk	3.18	1.83	+1.35
Omega ratio: Gain probability vs. loss probability	1.38	1.23	+0.14
Calmar ratio: Return relative to maximum drawdown	4.44	2.17	+2.27
Martin ratio: Return relative to average drawdown	16.65	7.81	+8.84

CVE vs. BP - Sharpe Ratio Comparison

The current CVE Sharpe Ratio is 2.62, which is higher than the BP Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of CVE and BP, 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 vs. BP - Drawdown Comparison

The maximum CVE drawdown since its inception was -94.87%, which is greater than BP's maximum drawdown of -74.94%. Use the drawdown chart below to compare losses from any high point for CVE and BP.

Drawdown Indicators

	CVE	BP	Difference
Max Drawdown Largest peak-to-trough decline	-94.87%	-74.94%	-19.93%
Max Drawdown (1Y) Largest decline over 1 year	-20.44%	-16.97%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-49.57%	-30.63%	-18.94%
Max Drawdown (5Y) Largest decline over 5 years	-53.51%	-30.63%	-22.88%
Max Drawdown (10Y) Largest decline over 10 years	-89.22%	-63.91%	-25.31%
Current Drawdown Current decline from peak	-18.60%	-16.48%	-2.12%
Average Drawdown Average peak-to-trough decline	-44.08%	-25.25%	-18.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.44%	4.71%	+0.73%

Volatility

CVE vs. BP - Volatility Comparison

Cenovus Energy Inc. (CVE) has a higher volatility of 11.44% compared to BP p.l.c. (BP) at 8.29%. This indicates that CVE's price experiences larger fluctuations and is considered to be riskier than BP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVE	BP	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	8.29%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	27.04%	21.83%	+5.21%
Volatility (1Y) Calculated over the trailing 1-year period	34.98%	27.11%	+7.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.20%	28.59%	+11.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.54%	31.23%	+19.31%

Dividends

CVE vs. BP - Dividend Comparison

CVE's dividend yield for the trailing twelve months is around 2.31%, less than BP's 5.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BP BP p.l.c.	5.08%	5.64%	6.20%	4.71%	3.94%	4.83%	9.21%	6.52%	6.41%	5.66%	6.37%	7.63%
CVE Cenovus Energy Inc.	2.31%	3.32%	3.92%	2.33%	1.81%	0.56%	0.75%	1.58%	2.34%	2.19%	1.32%	6.75%

Financials

CVE vs. BP - Profitability Comparison

The chart below illustrates the profitability comparison between Cenovus Energy Inc. and BP p.l.c. 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 Jun 2026, Cenovus Energy Inc. reported a gross profit of 2.71B and revenue of 12.39B. Therefore, the gross margin over that period was 21.9%.

BP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, BP p.l.c. reported a gross profit of 12.56B and revenue of 52.17B. Therefore, the gross margin over that period was 24.1%.

CVE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cenovus Energy Inc. reported an operating income of 2.30B and revenue of 12.39B, resulting in an operating margin of 18.6%.

BP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, BP p.l.c. reported an operating income of 9.20B and revenue of 52.17B, resulting in an operating margin of 17.6%.

CVE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cenovus Energy Inc. reported a net income of 1.57B and revenue of 12.39B, resulting in a net margin of 12.7%.

BP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, BP p.l.c. reported a net income of 3.84B and revenue of 52.17B, resulting in a net margin of 7.4%.

Frequently Asked Questions

Can I hold both CVE and BP in my portfolio?

CVE and BP have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVE or BP?

CVE has higher volatility (11.44%) compared to BP (8.29%). In terms of maximum drawdown, CVE dropped -94.87% vs BP's -74.94%.

Which has better risk-adjusted returns?

CVE currently has the higher Sharpe Ratio (2.62 vs 1.37), 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.