ENB vs. CNI
ENB (Enbridge Inc.) and CNI (Canadian National Railway Company) are both stocks. ENB operates in Oil & Gas Midstream (Energy), while CNI operates in Railroads (Industrials). Over the past 10 years, ENB returned 9.68%/yr vs 9.51%/yr for CNI. At a 0.39 correlation, their price movements are largely independent.
Performance
ENB vs. CNI - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ENB having a 21.23% return and CNI slightly higher at 21.78%. Both investments have delivered pretty close results over the past 10 years, with ENB having a 9.68% annualized return and CNI not far behind at 9.51%.
ENB
- 1D
- 0.07%
- 1M
- 3.68%
- YTD
- 21.23%
- 6M
- 21.95%
- 1Y
- 27.43%
- 3Y*
- 22.21%
- 5Y*
- 14.42%
- 10Y*
- 9.68%
CNI
- 1D
- 0.60%
- 1M
- 6.94%
- YTD
- 21.78%
- 6M
- 22.98%
- 1Y
- 15.90%
- 3Y*
- 3.44%
- 5Y*
- 3.57%
- 10Y*
- 9.51%
ENB vs. CNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ENB Enbridge Inc. | 21.23% | 19.51% | 26.35% | -1.13% | 6.46% | 30.83% | -13.60% | 36.05% | -15.53% | -2.73% |
CNI Canadian National Railway Company | 21.78% | -0.10% | -17.51% | 7.84% | -1.86% | 13.70% | 23.66% | 24.26% | -8.49% | 25.03% |
Correlation
The correlation between ENB and CNI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 1996 | 0.39 |
The correlation between ENB and CNI shifts across timeframes, from 0.21 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ENB:
$4.92
CNI:
CA$7.60
ENB:
11.48
CNI:
21.89
ENB:
1.34
CNI:
5.96
ENB:
$69.05B
CNI:
CA$17.29B
ENB:
$15.35B
CNI:
CA$7.64B
ENB:
$17.09B
CNI:
CA$8.60B
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Return for Risk
ENB vs. CNI — Risk / Return Rank
ENB
CNI
ENB vs. CNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Enbridge Inc. (ENB) and Canadian National Railway Company (CNI). 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.
| ENB | CNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.14 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 1.13 | +1.90 |
| Martin ratioReturn relative to average drawdown | 7.64 | 2.08 | +5.57 |
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Drawdowns
ENB vs. CNI - Drawdown Comparison
The maximum ENB drawdown since its inception was -46.35%, roughly equal to the maximum CNI drawdown of -46.66%. Use the drawdown chart below to compare losses from any high point for ENB and CNI.
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Drawdown Indicators
| ENB | CNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.35% | -46.66% | +0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -9.10% | -14.15% | +5.05% |
Max Drawdown (3Y)Largest decline over 3 years | -15.29% | -29.14% | +13.85% |
Max Drawdown (5Y)Largest decline over 5 years | -28.32% | -29.14% | +0.82% |
Max Drawdown (10Y)Largest decline over 10 years | -44.07% | -29.15% | -14.92% |
Current DrawdownCurrent decline from peak | -2.65% | -5.55% | +2.90% |
Average DrawdownAverage peak-to-trough decline | -10.83% | -9.49% | -1.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.64% | 7.68% | -4.04% |
Volatility
ENB vs. CNI - Volatility Comparison
Enbridge Inc. (ENB) has a higher volatility of 5.99% compared to Canadian National Railway Company (CNI) at 4.12%. This indicates that ENB's price experiences larger fluctuations and is considered to be riskier than CNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENB | CNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.99% | 4.12% | +1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 12.96% | 17.30% | -4.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.21% | 21.90% | -5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.65% | 22.38% | -3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.33% | 22.67% | +1.66% |
Dividends
ENB vs. CNI - Dividend Comparison
ENB's dividend yield for the trailing twelve months is around 4.91%, more than CNI's 2.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNI Canadian National Railway Company | 2.20% | 2.58% | 2.43% | 1.85% | 1.41% | 1.61% | 1.59% | 1.79% | 2.01% | 2.00% | 2.23% | 2.24% |
ENB Enbridge Inc. | 4.91% | 5.66% | 6.28% | 7.31% | 6.80% | 6.85% | 7.55% | 5.58% | 6.68% | 4.71% | 4.13% | 4.71% |
Financials
ENB vs. CNI - Financials Comparison
This section allows you to compare key financial metrics between Enbridge Inc. and Canadian National Railway Company. 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
ENB vs. CNI - Profitability Comparison
ENB - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Enbridge Inc. reported a gross profit of 0.00 and revenue of 22.36B. Therefore, the gross margin over that period was 0.0%.
CNI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a gross profit of 1.88B and revenue of 4.39B. Therefore, the gross margin over that period was 42.8%.
ENB - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Enbridge Inc. reported an operating income of 3.23B and revenue of 22.36B, resulting in an operating margin of 14.4%.
CNI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported an operating income of 1.55B and revenue of 4.39B, resulting in an operating margin of 35.4%.
ENB - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Enbridge Inc. reported a net income of 2.95B and revenue of 22.36B, resulting in a net margin of 13.2%.
CNI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a net income of 1.15B and revenue of 4.39B, resulting in a net margin of 26.2%.
Frequently Asked Questions
ENB and CNI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ENB has higher volatility (5.99%) compared to CNI (4.12%). In terms of maximum drawdown, ENB dropped -46.35% vs CNI's -46.66%.
ENB currently has the higher Sharpe Ratio (1.71 vs 0.73), 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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