CVE vs. IMO
CVE (Cenovus Energy Inc.) and IMO (Imperial Oil Limited) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 10 years, CVE returned 8.70%/yr vs 17.09%/yr for IMO. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
CVE vs. IMO - Performance Comparison
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Returns By Period
In the year-to-date period, CVE achieves a 53.52% return, which is significantly higher than IMO's 33.46% return. Over the past 10 years, CVE has underperformed IMO with an annualized return of 8.70%, while IMO has yielded a comparatively higher 17.09% annualized return.
CVE
- 1D
- 2.03%
- 1M
- -14.10%
- YTD
- 53.52%
- 6M
- 55.35%
- 1Y
- 80.54%
- 3Y*
- 20.70%
- 5Y*
- 24.37%
- 10Y*
- 8.70%
IMO
- 1D
- 1.30%
- 1M
- -13.97%
- YTD
- 33.46%
- 6M
- 35.20%
- 1Y
- 43.79%
- 3Y*
- 36.88%
- 5Y*
- 31.93%
- 10Y*
- 17.09%
CVE vs. IMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVE Cenovus Energy Inc. | 53.52% | 15.84% | -5.83% | -12.30% | 60.93% | 104.72% | -39.59% | 46.98% | -21.51% | -38.38% |
IMO Imperial Oil Limited | 33.46% | 43.85% | 10.47% | 20.89% | 38.00% | 95.29% | -25.37% | 7.16% | -17.21% | -8.36% |
Correlation
The correlation between CVE and IMO is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.71 |
The correlation between CVE and IMO has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
Fundamentals
CVE:
$48.24B
IMO:
$55.27B
CVE:
CA$2.52
IMO:
$5.87
CVE:
14.43
IMO:
19.43
CVE:
0.06
IMO:
0.43
CVE:
1.36
IMO:
1.22
CVE:
2.10
IMO:
2.43
CVE:
CA$49.40B
IMO:
$46.55B
CVE:
CA$9.68B
IMO:
$7.69B
CVE:
CA$11.54B
IMO:
$6.36B
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Return for Risk
CVE vs. IMO — Risk / Return Rank
CVE
IMO
CVE vs. IMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE) and Imperial Oil Limited (IMO). 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 | IMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.26 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.96 | 2.41 | +1.55 |
| Martin ratioReturn relative to average drawdown | 15.20 | 7.20 | +8.00 |
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Drawdowns
CVE vs. IMO - Drawdown Comparison
The maximum CVE drawdown since its inception was -94.87%, which is greater than IMO's maximum drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for CVE and IMO.
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Drawdown Indicators
| CVE | IMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.87% | -84.82% | -10.05% |
Max Drawdown (1Y)Largest decline over 1 year | -20.44% | -18.23% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -49.57% | -22.95% | -26.62% |
Max Drawdown (5Y)Largest decline over 5 years | -53.51% | -29.72% | -23.79% |
Max Drawdown (10Y)Largest decline over 10 years | -89.22% | -76.96% | -12.26% |
Current DrawdownCurrent decline from peak | -18.83% | -17.17% | -1.66% |
Average DrawdownAverage peak-to-trough decline | -44.08% | -21.18% | -22.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.42% | 6.11% | -0.69% |
Volatility
CVE vs. IMO - Volatility Comparison
Cenovus Energy Inc. (CVE) has a higher volatility of 11.39% compared to Imperial Oil Limited (IMO) at 9.50%. This indicates that CVE's price experiences larger fluctuations and is considered to be riskier than IMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVE | IMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.39% | 9.50% | +1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 27.29% | 21.86% | +5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.05% | 27.43% | +7.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.20% | 32.57% | +7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.58% | 35.59% | +14.99% |
Dividends
CVE vs. IMO - Dividend Comparison
CVE's dividend yield for the trailing twelve months is around 2.31%, more than IMO's 2.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IMO Imperial Oil Limited | 2.02% | 2.40% | 2.84% | 2.73% | 2.30% | 2.28% | 3.50% | 2.41% | 2.36% | 2.02% | 1.70% | 1.66% |
Financials
CVE vs. IMO - Financials Comparison
This section allows you to compare key financial metrics between Cenovus Energy Inc. and Imperial Oil Limited. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CVE vs. IMO - Profitability Comparison
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%.
IMO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported a gross profit of 2.51B and revenue of 12.45B. Therefore, the gross margin over that period was 20.2%.
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%.
IMO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported an operating income of 1.23B and revenue of 12.45B, resulting in an operating margin of 9.9%.
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%.
IMO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported a net income of 940.00M and revenue of 12.45B, resulting in a net margin of 7.6%.
Frequently Asked Questions
CVE and IMO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVE has higher volatility (11.39%) compared to IMO (9.50%). In terms of maximum drawdown, CVE dropped -94.87% vs IMO's -84.82%.
CVE currently has the higher Sharpe Ratio (2.31 vs 1.61), 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.
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