RIO vs. CNQ.TO
RIO (Rio Tinto Group) and CNQ.TO (Canadian Natural Resources Limited) are both stocks. RIO operates in Other Industrial Metals & Mining (Basic Materials), while CNQ.TO operates in Oil & Gas E&P (Energy). Over the past 10 years, RIO returned 22.54%/yr vs 22.36%/yr for CNQ.TO. At a 0.45 correlation, their price movements are largely independent.
Performance
RIO vs. CNQ.TO - Performance Comparison
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Different Trading Currencies
RIO is traded in USD, while CNQ.TO is traded in CAD. To make them comparable, the CNQ.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with RIO having a 35.32% return and CNQ.TO slightly lower at 34.74%. Both investments have delivered pretty close results over the past 10 years, with RIO having a 22.54% annualized return and CNQ.TO not far behind at 22.36%.
RIO
- 1D
- 1.65%
- 1M
- -5.97%
- YTD
- 35.32%
- 6M
- 43.14%
- 1Y
- 89.03%
- 3Y*
- 24.54%
- 5Y*
- 11.74%
- 10Y*
- 22.54%
CNQ.TO
- 1D
- -0.48%
- 1M
- -4.02%
- YTD
- 34.74%
- 6M
- 38.66%
- 1Y
- 44.24%
- 3Y*
- 25.10%
- 5Y*
- 30.02%
- 10Y*
- 22.36%
RIO vs. CNQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RIO Rio Tinto Group | 35.32% | 44.47% | -15.36% | 11.06% | 18.48% | -3.67% | 36.22% | 33.18% | -2.93% | 44.87% |
CNQ.TO Canadian Natural Resources Limited | 34.74% | 15.70% | -0.18% | 30.08% | 53.38% | 91.35% | -10.82% | 44.81% | -27.46% | 18.95% |
Correlation
The correlation between RIO and CNQ.TO 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 | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.45 |
Over the past year, the correlation between RIO and CNQ.TO has dropped to 0.01 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
Fundamentals
RIO:
$172.61B
CNQ.TO:
CA$132.89B
RIO:
$13.11
CNQ.TO:
CA$4.65
RIO:
8.03
CNQ.TO:
13.64
RIO:
1.55
CNQ.TO:
3.34
RIO:
2.77
CNQ.TO:
2.98
RIO:
$111.41B
CNQ.TO:
CA$39.61B
RIO:
$31.10B
CNQ.TO:
CA$12.42B
RIO:
$40.42B
CNQ.TO:
CA$17.78B
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Return for Risk
RIO vs. CNQ.TO — Risk / Return Rank
RIO
CNQ.TO
RIO vs. CNQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Rio Tinto Group (RIO) and Canadian Natural Resources Limited (CNQ.TO). 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.
| RIO | CNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.26 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 5.89 | 3.08 | +2.81 |
| Martin ratioReturn relative to average drawdown | 21.91 | 6.83 | +15.08 |
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Drawdowns
RIO vs. CNQ.TO - Drawdown Comparison
The maximum RIO drawdown since its inception was -88.97%, which is greater than CNQ.TO's maximum drawdown of -76.64%. Use the drawdown chart below to compare losses from any high point for RIO and CNQ.TO.
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Drawdown Indicators
| RIO | CNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.97% | -76.64% | -12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -15.19% | -14.43% | -0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -24.19% | -36.25% | +12.06% |
Max Drawdown (5Y)Largest decline over 5 years | -35.25% | -36.25% | +1.00% |
Max Drawdown (10Y)Largest decline over 10 years | -37.47% | -76.64% | +39.17% |
Current DrawdownCurrent decline from peak | -5.97% | -9.64% | +3.67% |
Average DrawdownAverage peak-to-trough decline | -23.76% | -21.20% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 6.49% | -2.40% |
Volatility
RIO vs. CNQ.TO - Volatility Comparison
Rio Tinto Group (RIO) has a higher volatility of 11.81% compared to Canadian Natural Resources Limited (CNQ.TO) at 8.84%. This indicates that RIO's price experiences larger fluctuations and is considered to be riskier than CNQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RIO | CNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.81% | 8.84% | +2.97% |
Volatility (6M)Calculated over the trailing 6-month period | 24.27% | 24.25% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.32% | 29.57% | -0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.30% | 31.39% | -2.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.65% | 38.81% | -8.16% |
Dividends
RIO vs. CNQ.TO - Dividend Comparison
RIO's dividend yield for the trailing twelve months is around 3.82%, more than CNQ.TO's 3.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNQ.TO Canadian Natural Resources Limited | 3.77% | 5.05% | 6.00% | 8.53% | 12.23% | 7.63% | 11.35% | 7.29% | 8.31% | 5.00% | 4.49% | 6.22% |
RIO Rio Tinto Group | 3.82% | 4.66% | 7.40% | 5.40% | 10.48% | 10.23% | 5.13% | 7.68% | 6.32% | 4.47% | 3.93% | 7.58% |
Financials
RIO vs. CNQ.TO - Financials Comparison
This section allows you to compare key financial metrics between Rio Tinto Group and Canadian Natural Resources Limited. 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
RIO vs. CNQ.TO - Profitability Comparison
RIO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a gross profit of 8.15B and revenue of 30.65B. Therefore, the gross margin over that period was 26.6%.
CNQ.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a gross profit of 3.47B and revenue of 10.81B. Therefore, the gross margin over that period was 32.1%.
RIO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported an operating income of 8.15B and revenue of 30.65B, resulting in an operating margin of 26.6%.
CNQ.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported an operating income of 2.67B and revenue of 10.81B, resulting in an operating margin of 24.7%.
RIO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a net income of 5.42B and revenue of 30.65B, resulting in a net margin of 17.7%.
CNQ.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Natural Resources Limited reported a net income of 1.35B and revenue of 10.81B, resulting in a net margin of 12.5%.
Frequently Asked Questions
RIO and CNQ.TO 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.
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