IMO vs. CVE

Last updated Apr 1, 2026

Compare and contrast key facts about Imperial Oil Limited (IMO) and Cenovus Energy Inc. (CVE).

Performance

IMO vs. CVE - Performance Comparison

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

IMO vs. CVE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IMO Imperial Oil Limited	52.38%	43.85%	10.47%	20.89%	38.00%	95.29%	-25.37%	7.16%	-17.21%	-8.36%
CVE Cenovus Energy Inc.	57.78%	15.84%	-5.83%	-12.30%	60.93%	104.72%	-39.59%	46.98%	-21.51%	-38.38%

Fundamentals

Market Cap IMO : $64.15B CVE : $49.45B
EPS IMO : $6.51 CVE : $2.15
PE Ratio IMO : 20.11 CVE : 12.35
PEG Ratio IMO : 0.46 CVE : 0.05
PS Ratio IMO : 1.44 CVE : 0.95
PB Ratio IMO : 2.88 CVE : 1.57
Total Revenue (TTM) IMO : $45.60B CVE : $51.21B
Gross Profit (TTM) IMO : $6.60B CVE : $10.08B
EBITDA (TTM) IMO : $6.84B CVE : $10.22B

Returns By Period

In the year-to-date period, IMO achieves a 52.38% return, which is significantly lower than CVE's 57.78% return. Over the past 10 years, IMO has outperformed CVE with an annualized return of 17.86%, while CVE has yielded a comparatively lower 9.84% annualized return.

IMO

• 1D: 0.91%
• 1M: 12.12%
• YTD: 52.38%
• 6M: 45.75%
• 1Y: 85.28%
• 3Y*: 40.78%
• 5Y*: 42.67%
• 10Y*: 17.86%

CVE

• 1D: -0.15%
• 1M: 19.66%
• YTD: 57.78%
• 6M: 58.41%
• 1Y: 97.16%
• 3Y*: 18.66%
• 5Y*: 30.68%
• 10Y*: 9.84%

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

Return for Risk

IMO vs. CVE — Risk / Return Rank

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

IMO

IMO Risk / Return Rank: 94
IMO Sharpe Ratio Rank: 96
IMO Sortino Ratio Rank: 94
IMO Omega Ratio Rank: 94
IMO Calmar Ratio Rank: 94
IMO Martin Ratio Rank: 94

CVE

CVE Risk / Return Rank: 92
CVE Sharpe Ratio Rank: 94
CVE Sortino Ratio Rank: 91
CVE Omega Ratio Rank: 90
CVE Calmar Ratio Rank: 91
CVE Martin Ratio Rank: 95

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.

IMO vs. CVE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Imperial Oil Limited (IMO) 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.

	IMO	CVE	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.42	+0.50
Sortino ratio Return per unit of downside risk	3.38	2.90	+0.48
Omega ratio Gain probability vs. loss probability	1.46	1.39	+0.07
Calmar ratio Return relative to maximum drawdown	4.93	4.02	+0.91
Martin ratio Return relative to average drawdown	14.78	15.13	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMO vs. CVE - Sharpe Ratio Comparison

The current IMO Sharpe Ratio is 2.92, which is comparable to the CVE Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IMO and CVE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IMO	CVE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.42	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.32	0.76	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.20	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.07	+0.38

Correlation

The correlation between IMO and CVE is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IMO vs. CVE - Dividend Comparison

IMO's dividend yield for the trailing twelve months is around 1.69%, less than CVE's 2.20% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IMO Imperial Oil Limited	1.69%	2.40%	2.84%	2.73%	2.30%	2.28%	3.50%	2.41%	2.36%	2.02%	1.70%	1.66%
CVE Cenovus Energy Inc.	2.20%	3.32%	3.92%	2.33%	1.81%	0.56%	0.75%	1.58%	2.34%	2.19%	1.32%	6.75%

Drawdowns

IMO vs. CVE - Drawdown Comparison

The maximum IMO drawdown since its inception was -84.82%, smaller than the maximum CVE drawdown of -94.87%. Use the drawdown chart below to compare losses from any high point for IMO and CVE.

Drawdown Indicators

	IMO	CVE	Difference
Max Drawdown Largest peak-to-trough decline	-84.82%	-94.87%	+10.05%
Max Drawdown (1Y) Largest decline over 1 year	-18.10%	-24.64%	+6.54%
Max Drawdown (5Y) Largest decline over 5 years	-29.72%	-53.51%	+23.79%
Max Drawdown (10Y) Largest decline over 10 years	-76.96%	-89.35%	+12.39%
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-21.27%	-44.60%	+23.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.03%	6.54%	-0.51%

Volatility

IMO vs. CVE - Volatility Comparison

The current volatility for Imperial Oil Limited (IMO) is 5.44%, while Cenovus Energy Inc. (CVE) has a volatility of 8.73%. This indicates that IMO experiences smaller price fluctuations and is considered to be less risky than CVE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMO	CVE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	8.73%	-3.29%
Volatility (6M) Calculated over the trailing 6-month period	20.14%	24.03%	-3.89%
Volatility (1Y) Calculated over the trailing 1-year period	29.43%	40.37%	-10.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.67%	40.55%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.47%	50.62%	-15.15%

Financials

IMO vs. CVE - Profitability Comparison

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

IMO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Imperial Oil Limited reported a gross profit of 1.92B and revenue of 11.27B. Therefore, the gross margin over that period was 17.0%.

CVE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported a gross profit of 1.32B and revenue of 10.87B. Therefore, the gross margin over that period was 12.1%.

IMO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Imperial Oil Limited reported an operating income of 624.49M and revenue of 11.27B, resulting in an operating margin of 5.5%.

CVE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported an operating income of 1.08B and revenue of 10.87B, resulting in an operating margin of 9.9%.

IMO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Imperial Oil Limited reported a net income of 491.60M and revenue of 11.27B, resulting in a net margin of 4.4%.

CVE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Cenovus Energy Inc. reported a net income of 933.24M and revenue of 10.87B, resulting in a net margin of 8.6%.