CVX vs. CNQ.TO
CVX (Chevron Corporation) and CNQ.TO (Canadian Natural Resources Limited) are both stocks. Both are in the Energy sector — CVX in Oil & Gas Integrated, CNQ.TO in Oil & Gas E&P. Over the past 10 years, CVX returned 10.94%/yr vs 22.36%/yr for CNQ.TO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
CVX vs. CNQ.TO - Performance Comparison
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Different Trading Currencies
CVX is traded in USD, while CNQ.TO is traded in CAD. To make them comparable, the CNQ.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CVX achieves a 25.18% return, which is significantly lower than CNQ.TO's 34.74% return. Over the past 10 years, CVX has underperformed CNQ.TO with an annualized return of 10.94%, while CNQ.TO has yielded a comparatively higher 22.36% annualized return.
CVX
- 1D
- 0.75%
- 1M
- 1.58%
- YTD
- 25.18%
- 6M
- 27.20%
- 1Y
- 34.55%
- 3Y*
- 10.25%
- 5Y*
- 16.33%
- 10Y*
- 10.94%
CNQ.TO
- 1D
- -0.48%
- 1M
- -4.02%
- YTD
- 34.74%
- 6M
- 38.66%
- 1Y
- 44.24%
- 3Y*
- 25.10%
- 5Y*
- 30.02%
- 10Y*
- 22.36%
CVX vs. CNQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVX Chevron Corporation | 25.18% | 10.10% | 1.29% | -13.63% | 58.46% | 46.24% | -25.95% | 15.27% | -9.75% | 10.59% |
CNQ.TO Canadian Natural Resources Limited | 34.74% | 15.70% | -0.18% | 30.08% | 53.38% | 91.35% | -10.82% | 44.81% | -27.46% | 18.95% |
Correlation
The correlation between CVX and CNQ.TO is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.61 |
The correlation between CVX and CNQ.TO has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
Fundamentals
CVX:
$371.80B
CNQ.TO:
CA$132.89B
CVX:
$5.75
CNQ.TO:
CA$4.65
CVX:
32.54
CNQ.TO:
13.64
CVX:
3.17
CNQ.TO:
0.66
CVX:
1.93
CNQ.TO:
3.34
CVX:
2.02
CNQ.TO:
2.98
CVX:
$185.89B
CNQ.TO:
CA$39.61B
CVX:
$47.27B
CNQ.TO:
CA$12.42B
CVX:
$40.44B
CNQ.TO:
CA$17.78B
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Return for Risk
CVX vs. CNQ.TO — Risk / Return Rank
CVX
CNQ.TO
CVX vs. CNQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) and Canadian Natural Resources Limited (CNQ.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.
| CVX | CNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 3.08 | -0.60 |
| Martin ratioReturn relative to average drawdown | 6.10 | 6.83 | -0.74 |
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Drawdowns
CVX vs. CNQ.TO - Drawdown Comparison
The maximum CVX drawdown since its inception was -55.77%, smaller than the maximum CNQ.TO drawdown of -76.64%. Use the drawdown chart below to compare losses from any high point for CVX and CNQ.TO.
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Drawdown Indicators
| CVX | CNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -76.64% | +20.87% |
Max Drawdown (1Y)Largest decline over 1 year | -13.99% | -14.43% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -20.64% | -36.25% | +15.61% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -36.25% | +11.30% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -76.64% | +20.87% |
Current DrawdownCurrent decline from peak | -10.52% | -9.64% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -11.39% | -21.20% | +9.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.68% | 6.49% | -0.81% |
Volatility
CVX vs. CNQ.TO - Volatility Comparison
The current volatility for Chevron Corporation (CVX) is 7.62%, while Canadian Natural Resources Limited (CNQ.TO) has a volatility of 8.84%. This indicates that CVX experiences smaller price fluctuations and is considered to be less risky than CNQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVX | CNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.62% | 8.84% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 17.86% | 24.25% | -6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.06% | 29.57% | -7.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.15% | 31.39% | -6.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.16% | 38.81% | -9.65% |
Dividends
CVX vs. CNQ.TO - Dividend Comparison
CVX's dividend yield for the trailing twelve months is around 3.73%, less than CNQ.TO's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNQ.TO Canadian Natural Resources Limited | 3.77% | 5.05% | 6.00% | 8.53% | 12.23% | 7.63% | 11.35% | 7.29% | 8.31% | 5.00% | 4.49% | 6.22% |
CVX Chevron Corporation | 3.73% | 4.49% | 4.50% | 4.05% | 3.16% | 4.52% | 6.11% | 3.95% | 4.12% | 3.45% | 3.64% | 4.76% |
Financials
CVX vs. CNQ.TO - Financials Comparison
This section allows you to compare key financial metrics between Chevron Corporation and Canadian Natural Resources 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
CVX vs. CNQ.TO - Profitability Comparison
CVX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a gross profit of 4.55B and revenue of 47.56B. Therefore, the gross margin over that period was 9.6%.
CNQ.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a gross profit of 3.47B and revenue of 10.81B. Therefore, the gross margin over that period was 32.1%.
CVX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported an operating income of 3.24B and revenue of 47.56B, resulting in an operating margin of 6.8%.
CNQ.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported an operating income of 2.67B and revenue of 10.81B, resulting in an operating margin of 24.7%.
CVX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a net income of 2.21B and revenue of 47.56B, resulting in a net margin of 4.7%.
CNQ.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a net income of 1.35B and revenue of 10.81B, resulting in a net margin of 12.5%.
Frequently Asked Questions
CVX and CNQ.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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