CVE vs. TD
CVE (Cenovus Energy Inc.) and TD (The Toronto-Dominion Bank) are both stocks. CVE operates in Oil & Gas Integrated (Energy), while TD operates in Banks - Diversified (Financial Services). Over the past 10 years, CVE returned 9.03%/yr vs 15.16%/yr for TD. At a 0.48 correlation, their price movements are largely independent.
Performance
CVE vs. TD - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CVE achieves a 68.13% return, which is significantly higher than TD's 26.58% return. Over the past 10 years, CVE has underperformed TD with an annualized return of 9.03%, while TD has yielded a comparatively higher 15.16% annualized return.
CVE
- 1D
- -0.74%
- 1M
- -8.27%
- YTD
- 68.13%
- 6M
- 59.06%
- 1Y
- 95.05%
- 3Y*
- 22.38%
- 5Y*
- 26.16%
- 10Y*
- 9.03%
TD
- 1D
- 0.93%
- 1M
- 9.00%
- YTD
- 26.58%
- 6M
- 30.43%
- 1Y
- 71.79%
- 3Y*
- 31.09%
- 5Y*
- 15.31%
- 10Y*
- 15.16%
CVE vs. TD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVE Cenovus Energy Inc. | 68.13% | 15.84% | -5.83% | -12.30% | 60.93% | 104.72% | -39.59% | 46.98% | -21.51% | -38.38% |
TD The Toronto-Dominion Bank | 26.58% | 85.32% | -13.40% | 5.04% | -12.19% | 41.25% | 5.58% | 17.45% | -12.10% | 22.85% |
Correlation
The correlation between CVE and TD is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.48 |
The correlation between CVE and TD shifts across timeframes, from -0.02 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
Fundamentals
CVE:
$53.12B
TD:
$143.77B
CVE:
CA$2.52
TD:
CA$10.11
CVE:
15.67
TD:
16.22
CVE:
0.06
TD:
0.58
CVE:
1.47
TD:
2.15
CVE:
2.28
TD:
1.78
CVE:
CA$49.40B
TD:
CA$112.63B
CVE:
CA$9.68B
TD:
CA$59.49B
CVE:
CA$11.54B
TD:
CA$19.99B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CVE vs. TD — Risk / Return Rank
CVE
TD
CVE vs. TD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Cenovus Energy Inc. (CVE) and The Toronto-Dominion Bank (TD). 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 | TD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.71 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 7.52 | 9.63 | -2.10 |
| Martin ratioReturn relative to average drawdown | 21.09 | 37.58 | -16.49 |
Loading charts...
Drawdowns
CVE vs. TD - Drawdown Comparison
The maximum CVE drawdown since its inception was -94.87%, which is greater than TD's maximum drawdown of -64.18%. Use the drawdown chart below to compare losses from any high point for CVE and TD.
Loading charts...
Drawdown Indicators
| CVE | TD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.87% | -64.18% | -30.69% |
Max Drawdown (1Y)Largest decline over 1 year | -13.72% | -7.50% | -6.22% |
Max Drawdown (3Y)Largest decline over 3 years | -49.57% | -19.19% | -30.38% |
Max Drawdown (5Y)Largest decline over 5 years | -53.51% | -30.93% | -22.58% |
Max Drawdown (10Y)Largest decline over 10 years | -89.22% | -41.98% | -47.24% |
Current DrawdownCurrent decline from peak | -11.10% | 0.00% | -11.10% |
Average DrawdownAverage peak-to-trough decline | -44.12% | -11.22% | -32.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.88% | 1.92% | +2.96% |
Volatility
CVE vs. TD - Volatility Comparison
Cenovus Energy Inc. (CVE) has a higher volatility of 11.65% compared to The Toronto-Dominion Bank (TD) at 5.00%. This indicates that CVE's price experiences larger fluctuations and is considered to be riskier than TD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CVE | TD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.65% | 5.00% | +6.65% |
Volatility (6M)Calculated over the trailing 6-month period | 27.07% | 12.55% | +14.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.64% | 16.57% | +18.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.22% | 19.83% | +20.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.58% | 21.72% | +28.86% |
Dividends
CVE vs. TD - Dividend Comparison
CVE's dividend yield for the trailing twelve months is around 2.07%, less than TD's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVE Cenovus Energy Inc. | 1.55% | 3.32% | 3.92% | 2.33% | 1.81% | 0.56% | 0.75% | 1.58% | 2.34% | 2.19% | 1.32% | 6.75% |
TD The Toronto-Dominion Bank | 2.62% | 3.17% | 5.65% | 4.80% | 4.24% | 3.27% | 4.10% | 3.89% | 4.08% | 3.03% | 3.58% | 5.11% |
Financials
CVE vs. TD - Financials Comparison
This section allows you to compare key financial metrics between Cenovus Energy Inc. and The Toronto-Dominion Bank. 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. TD - 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%.
TD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a gross profit of 14.90B and revenue of 27.02B. Therefore, the gross margin over that period was 55.2%.
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%.
TD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported an operating income of 5.02B and revenue of 27.02B, resulting in an operating margin of 18.6%.
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%.
TD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Toronto-Dominion Bank reported a net income of 4.25B and revenue of 27.02B, resulting in a net margin of 15.7%.
Frequently Asked Questions
CVE and TD have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVE has higher volatility (11.65%) compared to TD (5.00%). In terms of maximum drawdown, CVE dropped -94.87% vs TD's -64.18%.
TD currently has the higher Sharpe Ratio (4.36 vs 2.98), 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.
Find the right allocation for CVE and TD
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer