IMO vs. CVE
IMO (Imperial Oil Limited) and CVE (Cenovus Energy Inc.) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 10 years, IMO returned 17.09%/yr vs 8.70%/yr for CVE. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
IMO vs. CVE - Performance Comparison
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Returns By Period
In the year-to-date period, IMO achieves a 33.46% return, which is significantly lower than CVE's 53.52% return. Over the past 10 years, IMO has outperformed CVE with an annualized return of 17.09%, while CVE has yielded a comparatively lower 8.70% annualized return.
IMO
- 1D
- 1.30%
- 1M
- -13.97%
- YTD
- 33.46%
- 6M
- 35.20%
- 1Y
- 43.79%
- 3Y*
- 36.88%
- 5Y*
- 31.93%
- 10Y*
- 17.09%
CVE
- 1D
- 2.03%
- 1M
- -14.10%
- YTD
- 53.52%
- 6M
- 55.35%
- 1Y
- 80.54%
- 3Y*
- 20.70%
- 5Y*
- 24.37%
- 10Y*
- 8.70%
IMO vs. CVE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IMO Imperial Oil Limited | 33.46% | 43.85% | 10.47% | 20.89% | 38.00% | 95.29% | -25.37% | 7.16% | -17.21% | -8.36% |
CVE Cenovus Energy Inc. | 53.52% | 15.84% | -5.83% | -12.30% | 60.93% | 104.72% | -39.59% | 46.98% | -21.51% | -38.38% |
Correlation
The correlation between IMO and CVE is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.71 |
The correlation between IMO and CVE has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.
Fundamentals
IMO:
$55.27B
CVE:
$48.24B
IMO:
$5.87
CVE:
CA$2.52
IMO:
19.43
CVE:
14.43
IMO:
0.43
CVE:
0.06
IMO:
1.22
CVE:
1.36
IMO:
2.43
CVE:
2.10
IMO:
$46.55B
CVE:
CA$49.40B
IMO:
$7.69B
CVE:
CA$9.68B
IMO:
$6.36B
CVE:
CA$11.54B
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Return for Risk
IMO vs. CVE — Risk / Return Rank
IMO
CVE
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.
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.
| IMO | CVE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.34 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 3.96 | -1.55 |
| Martin ratioReturn relative to average drawdown | 7.20 | 15.20 | -8.00 |
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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.
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Drawdown Indicators
| IMO | CVE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.82% | -94.87% | +10.05% |
Max Drawdown (1Y)Largest decline over 1 year | -18.23% | -20.44% | +2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -22.95% | -49.57% | +26.62% |
Max Drawdown (5Y)Largest decline over 5 years | -29.72% | -53.51% | +23.79% |
Max Drawdown (10Y)Largest decline over 10 years | -76.96% | -89.22% | +12.26% |
Current DrawdownCurrent decline from peak | -17.17% | -18.83% | +1.66% |
Average DrawdownAverage peak-to-trough decline | -21.18% | -44.08% | +22.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 5.42% | +0.69% |
Volatility
IMO vs. CVE - Volatility Comparison
The current volatility for Imperial Oil Limited (IMO) is 9.50%, while Cenovus Energy Inc. (CVE) has a volatility of 11.39%. 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.
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Volatility by Period
| IMO | CVE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 11.39% | -1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 21.86% | 27.29% | -5.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.43% | 35.05% | -7.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.57% | 40.20% | -7.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.59% | 50.58% | -14.99% |
Dividends
IMO vs. CVE - Dividend Comparison
IMO's dividend yield for the trailing twelve months is around 2.02%, less than CVE's 2.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVE Cenovus Energy Inc. | 2.31% | 3.32% | 3.92% | 2.33% | 1.81% | 0.56% | 0.75% | 1.58% | 2.34% | 2.19% | 1.32% | 6.75% |
IMO Imperial Oil Limited | 2.02% | 2.40% | 2.84% | 2.73% | 2.30% | 2.28% | 3.50% | 2.41% | 2.36% | 2.02% | 1.70% | 1.66% |
Financials
IMO vs. CVE - Financials Comparison
This section allows you to compare key financial metrics between Imperial Oil Limited and Cenovus Energy Inc.. 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
IMO vs. CVE - Profitability Comparison
IMO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported a gross profit of 2.51B and revenue of 12.45B. Therefore, the gross margin over that period was 20.2%.
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%.
IMO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported an operating income of 1.23B and revenue of 12.45B, resulting in an operating margin of 9.9%.
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%.
IMO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Imperial Oil Limited reported a net income of 940.00M and revenue of 12.45B, resulting in a net margin of 7.6%.
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%.
Frequently Asked Questions
IMO and CVE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVE has higher volatility (11.39%) compared to IMO (9.50%). In terms of maximum drawdown, IMO dropped -84.82% vs CVE's -94.87%.
CVE currently has the higher Sharpe Ratio (2.31 vs 1.61), 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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