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TNZ.TO vs. XEG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TNZ.TO vs. XEG.TO

Last updated Jun 4, 2026

TNZ.TO (Tenaz Energy Corp.) is a stock, while XEG.TO (iShares S&P/TSX Capped Energy Index ETF) is Energy Equities fund tracking the S&P/TSX Capped Energy Index. Over the past 5 years, TNZ.TO returned 92.34%/yr vs 29.48%/yr for XEG.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

TNZ.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Tenaz Energy Corp. (TNZ.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TNZ.TO achieves a 98.68% return, which is significantly higher than XEG.TO's 44.34% return.

TNZ.TO

1D
3.46%
1M
-20.65%
YTD
98.68%
6M
124.33%
1Y
187.08%
3Y*
181.11%
5Y*
92.34%
10Y*
—

XEG.TO

1D
1.17%
1M
-0.04%
YTD
44.34%
6M
39.73%
1Y
70.40%
3Y*
28.08%
5Y*
29.48%
10Y*
11.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TNZ.TO vs. XEG.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
TNZ.TO
Tenaz Energy Corp.		98.68%88.88%257.00%82.79%-33.44%139.26%-60.87%-14.81%-31.36%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-34.23%

Correlation

The correlation between TNZ.TO and XEG.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Jul 11, 2018

0.30

The correlation between TNZ.TO and XEG.TO shifts across timeframes, from 0.30 (all time) to 0.45 (1 year), reflecting how their relationship changes across market environments.

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Tenaz Energy Corp.

iShares S&P/TSX Capped Energy Index ETF

Often compared with TNZ.TO:
TNZ.TO vs. NSE.VTNZ.TO vs. VLE.TOTNZ.TO vs. ARTGXTNZ.TO vs. ATD.TOTNZ.TO vs. CDR.TOTNZ.TO vs. GMIN.TOTNZ.TO vs. JOY.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

TNZ.TO vs. XEG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TNZ.TO
TNZ.TO Risk / Return Rank: 9595
Overall Rank
TNZ.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
TNZ.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
TNZ.TO Omega Ratio Rank: 9494
Omega Ratio Rank
TNZ.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
TNZ.TO Martin Ratio Rank: 9696
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
Martin Ratio Rank
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.

TNZ.TO vs. XEG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenaz Energy Corp. (TNZ.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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.

TNZ.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
3.31
3.11

+0.19

Sortino ratioReturn per unit of downside risk
4.41
3.66

+0.75

Omega ratioGain probability vs. loss probability

1.53

1.49

+0.04

Calmar ratioReturn relative to maximum drawdown

6.80

6.36

+0.43

Martin ratioReturn relative to average drawdown

21.98

19.02

+2.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNZ.TO vs. XEG.TO - Sharpe Ratio Comparison

The current TNZ.TO Sharpe Ratio is 3.31, which is comparable to the XEG.TO Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of TNZ.TO and XEG.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TNZ.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.31

3.11

+0.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.44

1.04

+0.40

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.36

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.28

+0.16

Drawdowns

TNZ.TO vs. XEG.TO - Drawdown Comparison

The maximum TNZ.TO drawdown since its inception was -83.82%, roughly equal to the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for TNZ.TO and XEG.TO.

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Drawdown Indicators

TNZ.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-83.82%

-87.74%

+3.92%

Max Drawdown (1Y)

Largest decline over 1 year

-27.71%

-11.12%

-16.59%

Max Drawdown (3Y)

Largest decline over 3 years

-33.75%

-25.67%

-8.08%

Max Drawdown (5Y)

Largest decline over 5 years

-63.16%

-28.42%

-34.74%

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.66%

—

Current Drawdown

Current decline from peak

-22.40%

-4.00%

-18.40%

Average Drawdown

Average peak-to-trough decline

-45.35%

-29.19%

-16.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.55%

3.71%

+4.84%

Volatility

TNZ.TO vs. XEG.TO - Volatility Comparison

Tenaz Energy Corp. (TNZ.TO) has a higher volatility of 14.86% compared to iShares S&P/TSX Capped Energy Index ETF (XEG.TO) at 9.31%. This indicates that TNZ.TO's price experiences larger fluctuations and is considered to be riskier than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TNZ.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

14.86%

9.31%

+5.55%

Volatility (6M)

Calculated over the trailing 6-month period

39.37%

18.99%

+20.38%

Volatility (1Y)

Calculated over the trailing 1-year period

56.96%

22.76%

+34.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

64.66%

28.62%

+36.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.60%

33.41%

+39.19%

Dividends

TNZ.TO vs. XEG.TO - Dividend Comparison

TNZ.TO has not paid dividends to shareholders, while XEG.TO's dividend yield for the trailing twelve months is around 2.65%.

PositionTTM20252024202320222021202020192018201720162015
TNZ.TO
Tenaz Energy Corp.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.65%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

TNZ.TO and XEG.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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