FSLR vs. CVE

Last updated Jun 13, 2026

FSLR (First Solar, Inc.) and CVE (Cenovus Energy Inc.) are both stocks. FSLR operates in Solar (Technology), while CVE operates in Oil & Gas Integrated (Energy). Over the past 10 years, FSLR returned 18.76%/yr vs 9.03%/yr for CVE. At a 0.29 correlation, their price movements are largely independent.

Performance

FSLR vs. CVE - Performance Comparison

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

Returns By Period

In the year-to-date period, FSLR achieves a 2.33% return, which is significantly lower than CVE's 68.13% return. Over the past 10 years, FSLR has outperformed CVE with an annualized return of 18.76%, while CVE has yielded a comparatively lower 9.03% annualized return.

FSLR

• 1D: -1.42%
• 1M: 14.54%
• YTD: 2.33%
• 6M: 4.91%
• 1Y: 52.57%
• 3Y*: 10.90%
• 5Y*: 27.42%
• 10Y*: 18.76%

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%

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

FSLR vs. CVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSLR First Solar, Inc.	2.33%	48.22%	2.30%	15.01%	71.86%	-11.89%	76.77%	31.81%	-37.12%	110.41%
CVE Cenovus Energy Inc.	68.13%	15.84%	-5.83%	-12.30%	60.93%	104.72%	-39.59%	46.98%	-21.51%	-38.38%

Correlation

The correlation between FSLR and CVE is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009	0.29

Over the past year, the correlation between FSLR and CVE has dropped to 0.01 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Fundamentals

Market Cap FSLR : $28.77B CVE : $53.12B
EPS FSLR : $15.48 CVE : CA$2.52
PE Ratio FSLR : 17.27 CVE : 15.67
PEG Ratio FSLR : 0.41 CVE : 0.06
PS Ratio FSLR : 5.31 CVE : 1.47
PB Ratio FSLR : 2.91 CVE : 2.28
Total Revenue (TTM) FSLR : $5.42B CVE : CA$49.40B
Gross Profit (TTM) FSLR : $2.26B CVE : CA$9.68B
EBITDA (TTM) FSLR : $2.15B CVE : CA$11.54B

Return for Risk

FSLR vs. CVE — Risk / Return Rank

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

FSLR

FSLR Risk / Return Rank: 72
FSLR Sharpe Ratio Rank: 74
FSLR Sortino Ratio Rank: 70
FSLR Omega Ratio Rank: 72
FSLR Calmar Ratio Rank: 74
FSLR Martin Ratio Rank: 71

CVE

CVE Risk / Return Rank: 94
CVE Sharpe Ratio Rank: 96
CVE Sortino Ratio Rank: 93
CVE Omega Ratio Rank: 91
CVE Calmar Ratio Rank: 96
CVE Martin Ratio Rank: 96

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.

FSLR vs. CVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Solar, Inc. (FSLR) and Cenovus Energy Inc. (CVE). 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.

	FSLR	CVE	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.98	-1.96
Sortino ratio: Return per unit of downside risk	1.63	3.48	-1.86
Omega ratio: Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio: Return relative to maximum drawdown	1.70	7.52	-5.83
Martin ratio: Return relative to average drawdown	3.57	21.09	-17.52

FSLR vs. CVE - Sharpe Ratio Comparison

The current FSLR Sharpe Ratio is 1.02, which is lower than the CVE Sharpe Ratio of 2.98. The chart below compares the historical Sharpe Ratios of FSLR and CVE, 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

FSLR vs. CVE - Drawdown Comparison

The maximum FSLR drawdown since its inception was -96.22%, roughly equal to the maximum CVE drawdown of -94.87%. Use the drawdown chart below to compare losses from any high point for FSLR and CVE.

Drawdown Indicators

	FSLR	CVE	Difference
Max Drawdown Largest peak-to-trough decline	-96.22%	-94.87%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-35.10%	-13.72%	-21.38%
Max Drawdown (3Y) Largest decline over 3 years	-59.97%	-49.57%	-10.40%
Max Drawdown (5Y) Largest decline over 5 years	-59.97%	-53.51%	-6.46%
Max Drawdown (10Y) Largest decline over 10 years	-61.26%	-89.22%	+27.96%
Current Drawdown Current decline from peak	-16.01%	-11.10%	-4.91%
Average Drawdown Average peak-to-trough decline	-63.20%	-44.12%	-19.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.63%	4.88%	+11.75%

Volatility

FSLR vs. CVE - Volatility Comparison

First Solar, Inc. (FSLR) has a higher volatility of 23.37% compared to Cenovus Energy Inc. (CVE) at 11.65%. This indicates that FSLR's price experiences larger fluctuations and is considered to be riskier than CVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSLR	CVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.37%	11.65%	+11.72%
Volatility (6M) Calculated over the trailing 6-month period	41.98%	27.07%	+14.91%
Volatility (1Y) Calculated over the trailing 1-year period	58.23%	34.64%	+23.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.07%	40.22%	+13.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.84%	50.58%	+0.26%

Dividends

FSLR vs. CVE - Dividend Comparison

FSLR has not paid dividends to shareholders, while CVE's dividend yield for the trailing twelve months is around 2.07%.

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%
FSLR First Solar, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

FSLR vs. CVE - Profitability Comparison

The chart below illustrates the profitability comparison between First Solar, Inc. and Cenovus Energy Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FSLR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Solar, Inc. reported a gross profit of 486.13M and revenue of 1.04B. Therefore, the gross margin over that period was 46.6%.

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%.

FSLR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Solar, Inc. reported an operating income of 345.30M and revenue of 1.04B, resulting in an operating margin of 33.1%.

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%.

FSLR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Solar, Inc. reported a net income of 346.62M and revenue of 1.04B, resulting in a net margin of 33.2%.

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%.

Frequently Asked Questions

Can I hold both FSLR and CVE in my portfolio?

FSLR and CVE have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSLR or CVE?

FSLR has higher volatility (23.37%) compared to CVE (11.65%). In terms of maximum drawdown, FSLR dropped -96.22% vs CVE's -94.87%.

Which has better risk-adjusted returns?

CVE currently has the higher Sharpe Ratio (2.98 vs 1.02), 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.