OVV vs. CL=F

Last updated Jun 5, 2026

OVV (Ovintiv Inc.) is a stock, while CL=F (Crude Oil WTI) is an asset. Over the past 10 years, OVV returned 5.81%/yr vs 6.46%/yr for CL=F. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

OVV vs. CL=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ovintiv Inc. (OVV) and Crude Oil WTI (CL=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OVV achieves a 52.12% return, which is significantly lower than CL=F's 61.81% return. Over the past 10 years, OVV has underperformed CL=F with an annualized return of 5.81%, while CL=F has yielded a comparatively higher 6.46% annualized return.

OVV

• 1D: 0.08%
• 1M: -6.01%
• YTD: 52.12%
• 6M: 42.06%
• 1Y: 63.18%
• 3Y*: 21.42%
• 5Y*: 16.70%
• 10Y*: 5.81%

CL=F

• 1D: -3.24%
• 1M: -9.15%
• YTD: 61.81%
• 6M: 55.71%
• 1Y: 47.83%
• 3Y*: 8.74%
• 5Y*: 6.01%
• 10Y*: 6.46%

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

OVV vs. CL=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OVV Ovintiv Inc.	52.12%	-0.30%	-5.23%	-10.93%	53.29%	138.31%	-34.91%	-17.62%	-56.37%	14.20%
CL=F Crude Oil WTI	61.81%	-19.41%	-0.82%	-10.70%	7.44%	53.98%	-19.98%	32.92%	-24.35%	12.51%

Correlation

The correlation between OVV and CL=F is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Apr 9, 2002	0.50

The correlation between OVV and CL=F has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Return for Risk

OVV vs. CL=F — Risk / Return Rank

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

OVV

OVV Risk / Return Rank: 83
OVV Sharpe Ratio Rank: 86
OVV Sortino Ratio Rank: 80
OVV Omega Ratio Rank: 78
OVV Calmar Ratio Rank: 87
OVV Martin Ratio Rank: 85

CL=F

CL=F Risk / Return Rank: 24
CL=F Sharpe Ratio Rank: 21
CL=F Sortino Ratio Rank: 29
CL=F Omega Ratio Rank: 21
CL=F Calmar Ratio Rank: 27
CL=F Martin Ratio Rank: 20

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.

OVV vs. CL=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ovintiv Inc. (OVV) and Crude Oil WTI (CL=F). 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.

	OVV	CL=F	Difference
Sharpe ratio: Return per unit of total volatility	1.79	0.86	+0.93
Sortino ratio: Return per unit of downside risk	2.31	1.35	+0.96
Omega ratio: Gain probability vs. loss probability	1.28	1.20	+0.08
Calmar ratio: Return relative to maximum drawdown	3.81	1.57	+2.24
Martin ratio: Return relative to average drawdown	8.59	2.56	+6.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVV vs. CL=F - Sharpe Ratio Comparison

The current OVV Sharpe Ratio is 1.79, which is higher than the CL=F Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of OVV and CL=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OVV	CL=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	0.86	+0.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.15	+0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.10	0.12	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.06	+0.01

Drawdowns

OVV vs. CL=F - Drawdown Comparison

The maximum OVV drawdown since its inception was -98.88%, which is greater than CL=F's maximum drawdown of -92.04%. Use the drawdown chart below to compare losses from any high point for OVV and CL=F.

Drawdown Indicators

	OVV	CL=F	Difference
Max Drawdown Largest peak-to-trough decline	-98.88%	-92.04%	-6.84%
Max Drawdown (1Y) Largest decline over 1 year	-16.68%	-27.07%	+10.39%
Max Drawdown (3Y) Largest decline over 3 years	-42.21%	-39.46%	-2.75%
Max Drawdown (5Y) Largest decline over 5 years	-47.13%	-53.86%	+6.73%
Max Drawdown (10Y) Largest decline over 10 years	-96.82%	-84.82%	-12.00%
Current Drawdown Current decline from peak	-64.09%	-36.05%	-28.04%
Average Drawdown Average peak-to-trough decline	-52.05%	-40.80%	-11.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.38%	12.32%	-4.94%

Volatility

OVV vs. CL=F - Volatility Comparison

The current volatility for Ovintiv Inc. (OVV) is 9.80%, while Crude Oil WTI (CL=F) has a volatility of 15.67%. This indicates that OVV experiences smaller price fluctuations and is considered to be less risky than CL=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OVV	CL=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	15.67%	-5.87%
Volatility (6M) Calculated over the trailing 6-month period	26.14%	46.59%	-20.45%
Volatility (1Y) Calculated over the trailing 1-year period	35.54%	49.35%	-13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.89%	38.92%	+6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.08%	49.55%	+10.53%

Frequently Asked Questions

Can I hold both OVV and CL=F in my portfolio?

OVV and CL=F have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVV or CL=F?

CL=F has higher volatility (15.67%) compared to OVV (9.80%). In terms of maximum drawdown, OVV dropped -98.88% vs CL=F's -92.04%.

Which has better risk-adjusted returns?

OVV currently has the higher Sharpe Ratio (1.79 vs 0.86), 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.