TPZ.TO vs. CNQ.TO
TPZ.TO (Topaz Energy Corp.) and CNQ.TO (Canadian Natural Resources Limited) are both stocks. Both are in the Energy sector — TPZ.TO in Oil & Gas Midstream, CNQ.TO in Oil & Gas E&P. Over the past 5 years, TPZ.TO returned 20.26%/yr vs 33.86%/yr for CNQ.TO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
TPZ.TO vs. CNQ.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TPZ.TO achieves a 19.41% return, which is significantly lower than CNQ.TO's 37.61% return.
TPZ.TO
- 1D
- -0.03%
- 1M
- -0.09%
- YTD
- 19.41%
- 6M
- 17.41%
- 1Y
- 27.44%
- 3Y*
- 22.14%
- 5Y*
- 20.26%
- 10Y*
- —
CNQ.TO
- 1D
- -0.19%
- 1M
- -4.06%
- YTD
- 37.61%
- 6M
- 40.79%
- 1Y
- 43.07%
- 3Y*
- 27.02%
- 5Y*
- 33.86%
- 10Y*
- 23.43%
TPZ.TO vs. CNQ.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
TPZ.TO Topaz Energy Corp. | 19.41% | 4.23% | 51.69% | -2.50% | 24.58% | 38.38% | 6.14% |
CNQ.TO Canadian Natural Resources Limited | 37.61% | 10.42% | 8.27% | 26.98% | 63.10% | 91.26% | 36.90% |
Correlation
The correlation between TPZ.TO and CNQ.TO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.61 |
The correlation between TPZ.TO and CNQ.TO has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.
Fundamentals
TPZ.TO:
CA$5.05B
CNQ.TO:
CA$132.89B
TPZ.TO:
CA$0.97
CNQ.TO:
CA$4.65
TPZ.TO:
33.43
CNQ.TO:
13.64
TPZ.TO:
0.41
CNQ.TO:
0.66
TPZ.TO:
15.31
CNQ.TO:
3.34
TPZ.TO:
3.36
CNQ.TO:
2.98
TPZ.TO:
CA$328.70M
CNQ.TO:
CA$39.61B
TPZ.TO:
CA$183.27M
CNQ.TO:
CA$12.42B
TPZ.TO:
CA$335.20M
CNQ.TO:
CA$17.78B
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Return for Risk
TPZ.TO vs. CNQ.TO — Risk / Return Rank
TPZ.TO
CNQ.TO
TPZ.TO vs. CNQ.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Topaz Energy Corp. (TPZ.TO) 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.
| TPZ.TO | CNQ.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 3.12 | +0.38 |
| Martin ratioReturn relative to average drawdown | 7.38 | 7.98 | -0.60 |
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Drawdowns
TPZ.TO vs. CNQ.TO - Drawdown Comparison
The maximum TPZ.TO drawdown since its inception was -24.75%, smaller than the maximum CNQ.TO drawdown of -74.63%. Use the drawdown chart below to compare losses from any high point for TPZ.TO and CNQ.TO.
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Drawdown Indicators
| TPZ.TO | CNQ.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -74.63% | +49.88% |
Max Drawdown (1Y)Largest decline over 1 year | -8.62% | -15.33% | +6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -24.75% | -33.12% | +8.37% |
Max Drawdown (5Y)Largest decline over 5 years | -24.75% | -33.12% | +8.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.63% | — |
Current DrawdownCurrent decline from peak | -3.01% | -8.72% | +5.71% |
Average DrawdownAverage peak-to-trough decline | -7.19% | -17.63% | +10.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.09% | 5.98% | -1.89% |
Volatility
TPZ.TO vs. CNQ.TO - Volatility Comparison
The current volatility for Topaz Energy Corp. (TPZ.TO) is 5.75%, while Canadian Natural Resources Limited (CNQ.TO) has a volatility of 8.91%. This indicates that TPZ.TO experiences smaller price fluctuations and is considered to be less risky 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
| TPZ.TO | CNQ.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.75% | 8.91% | -3.16% |
Volatility (6M)Calculated over the trailing 6-month period | 15.18% | 24.23% | -9.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.72% | 28.98% | -9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.18% | 30.61% | -6.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.72% | 38.12% | -14.40% |
Dividends
TPZ.TO vs. CNQ.TO - Dividend Comparison
TPZ.TO's dividend yield for the trailing twelve months is around 4.18%, 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 | 2.84% | 5.05% | 6.00% | 8.53% | 12.23% | 7.63% | 11.35% | 7.29% | 8.31% | 5.00% | 4.49% | 6.22% |
TPZ.TO Topaz Energy Corp. | 3.14% | 4.90% | 4.67% | 6.30% | 5.21% | 4.76% | 1.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
TPZ.TO vs. CNQ.TO - Financials Comparison
This section allows you to compare key financial metrics between Topaz Energy Corp. 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
TPZ.TO vs. CNQ.TO - Profitability Comparison
TPZ.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Topaz Energy Corp. reported a gross profit of 56.77M and revenue of 92.25M. Therefore, the gross margin over that period was 61.5%.
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%.
TPZ.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Topaz Energy Corp. reported an operating income of 53.38M and revenue of 92.25M, resulting in an operating margin of 57.9%.
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%.
TPZ.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Topaz Energy Corp. reported a net income of 34.04M and revenue of 92.25M, resulting in a net margin of 36.9%.
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
TPZ.TO and CNQ.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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