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Relative Intelligence · Oil & Gas

How Canadian Natural Resources (CNQ) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CNQ alone. It places CNQ (Canadian Natural Resources Limited) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where CNQ stands in the market, and of the alternatives worth a closer look.

Period covered: CNQ's full trading record, from July 2000 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against CNQ →Chart CNQ vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in CNQ have grown?

This chart tracks a hypothetical $10,000 investment in CNQ over the past 26 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CNQ over the same span and CNQ's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 2000 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 136 of the 1,261 stocks and funds worth at least $500 million that traded the whole period ended ahead of CNQ; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M2000200420082012201620202024$10,000$100,000$1M2000200720142021
  • BAP$1M+11,845% total · +20.2% a year
  • NHC$1M+10,988% total · +19.9% a year
  • VLO$914,106+9,041% total · +19.0% a year
  • CASY$583,376+5,734% total · +16.9% a year
  • CW$556,626+5,466% total · +16.7% a year
  • CNQ$448,299+4,383% total · +15.8% a year
  • TRP$268,738+2,587% total · +13.5% a year
  • IMO$229,138+2,191% total · +12.8% a year
  • SU$223,258+2,133% total · +12.7% a year
  • SPY (S&P 500)$84,332+743% total · +8.5% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 287 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CNQ; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • MPC$71,516+615% total · +48.2% a year
  • PBR-A$67,821+578% total · +46.6% a year
  • IMO$44,071+341% total · +34.5% a year
  • PSX$43,718+337% total · +34.3% a year
  • SU$40,398+304% total · +32.2% a year
  • PR$36,604+266% total · +29.6% a year
  • CNQ$33,008+230% total · +27.0% a year
  • APA$22,551+126% total · +17.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • TRP$17,877+78.8% total · +12.3% a year
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CNQ at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$112B
Industry
Oil & Gas Exploration & Production
Price history from
July 2000

Returns

Past 1 year
+87.7%total return
Past 3 years
+90.4%+23.9% a year
Past 5 years
+224%+26.5% a year
Past 10 years
+433%+18.2% a year
Best calendar year
+133%2005
Worst calendar year
−44.9%2008
Losing years
9 of 25full calendar years

Risk

Volatility
32.5%typical yearly swing, 5 years
Sharpe ratio
0.89return per unit of risk, 5 years
Worst decline ever
−81.1%Jun 2008 to Mar 2020
From its all-time high
At its highwithin 1%

CNQ against the whole market

Where CNQ ranks among every stock and fund, and what across the market has done better.

How does CNQ rank among all stocks?

This section ranks CNQ on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how CNQ stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureCNQRankStanding
1-year return+87.7%230 of 3,287top 7%
3-year return+90.4%1,006 of 3,017top 33%
5-year return+224%268 of 2,893top 9%
10-year return+433%372 of 2,202top 17%
Volatility, 5 years32.5%954 of 2,893top 33%
Sharpe ratio, 5 years0.89177 of 2,893top 6%
Worst decline, past 10 years−77.5%1,547 of 2,187bottom 30%

What has beaten CNQ on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). CNQ sits where the dashed lines cross. Anything in the green box above and to the left earned more than CNQ with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to CNQ; faint dots are 9 more of the 14 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CNQCW: +30.8% a year, volatility 28.7%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%BAP: +30.8% a year, volatility 30.3%BLX: +31.4% a year, volatility 25.9%UNM: +30.6% a year, volatility 29.3%AIT: +28.5% a year, volatility 30.3%CNQ: +26.5% a year, volatility 32.5%SPY (S&P 500): +12.7% a year, volatility 17.1%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%PBR-A: +51.8% a year, volatility 37.5%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%PBR: +50.3% a year, volatility 37.5%PAA: +27.0% a year, volatility 25.6%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%CASY: +29.9% a year, volatility 29.3%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%EPU: +29.5% a year, volatility 24.9%CNQSPY (S&P 500)PSXSUPBR-AMPCINSWVLOPBRPAAMCKNHCCAHCASYLLYABBVDXJEPU10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than CNQCW: +30.8% a year, volatility 28.7%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%SMFG: +33.7% a year, volatility 29.4%BAP: +30.8% a year, volatility 30.3%BLX: +31.4% a year, volatility 25.9%UNM: +30.6% a year, volatility 29.3%AIT: +28.5% a year, volatility 30.3%CNQ: +26.5% a year, volatility 32.5%SPY (S&P 500): +12.7% a year, volatility 17.1%PSX: +33.2% a year, volatility 32.9%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%PBR-A: +51.8% a year, volatility 37.5%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%PBR: +50.3% a year, volatility 37.5%PAA: +27.0% a year, volatility 25.6%MCK: +38.7% a year, volatility 25.0%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%CASY: +29.9% a year, volatility 29.3%LLY: +40.7% a year, volatility 32.8%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%EPU: +29.5% a year, volatility 24.9%CNQSPY (S&P 500)PSXSUPBR-AMPCINSWVLOPAAMCKNHCCAHCASYLLYABBVDXJEPU
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CNQ?

Investments that beat CNQ over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat CNQ over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks CNQ's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than CNQ follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than CNQ's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× CNQ's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than CNQ's.

Screen the whole market against CNQ for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with CNQ?lower diversifies moreExpenseper year
CNQCanadian Natural Resources Limited · this page
+26.5%32.5%0.89−77.5%+433%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.280.09%
Popular alternativesbest 3 shownThe investments people most often weigh against CNQ. 3 of 22 passed at least one test.
PSXPhillips 66 · Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.2%32.9%1.04−64.2%+430%0.68—
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return, similar volatilityHigher return in most periods+33.1%32.5%1.05−73.5%+295%0.83—
IMOImperial Oil Limited · Integrated Oil & Gas
Higher return, similar volatilitySmaller losses in recent crashes+34.3%32.0%1.09−77.1%+430%0.83—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Integrated Oil & Gas, Oilfield Services), plus CNQ's specific themes. 11 of 67 passed at least one test.
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.53—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.62—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%—0.26—
VLOValero Energy Corporation · Oil & Gas
Higher Sharpe, smaller worst declineHigher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.63—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return in most periods+50.3%37.5%1.28−75.3%+674%0.51—
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Similar return, lower volatility+27.0%25.6%1.06−87.9%+64.0%0.61—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 126 of 3,544 passed at least one test.
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+38.7%25.0%1.44−38.1%+586%0.37—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.09—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+42.1%24.7%1.55−46.1%+349%0.16—
CASYCasey's General Stores, Inc. · Convenience Stores
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+29.9%29.3%1.04−36.1%+537%0.41—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%-0.04—
ABBVAbbVie Inc. · Pharmaceuticals
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.1%23.4%1.11−45.1%+603%0.06—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+26.6%19.1%1.34−39.1%+428%0.290.48%
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst decline+29.5%24.9%1.17−51.0%+275%0.460.59%
What these numbers mean for CNQ
Annual return
CNQ returned 26.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $32,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
CNQ's volatility over the past 5 years was 32.5%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CNQ's return lands within 32.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
CNQ's Sharpe ratio over the past 5 years was 0.89, against 0.79 for the S&P 500, so CNQ earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
CNQ's worst fall from a peak to a low over the past 10 years was 77.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 77.5% fall takes a 344% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CNQ's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CNQ instead: the lower it is, the more that option would diversify a CNQ holding. Guide: Correlation and diversification →
Show all 14 stocks and funds worth at least $500 million that earned more than CNQ with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with CNQExpense
1
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.37—
2
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.09—
3
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.16—
4
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.41—
5
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.30—
6
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.30—
7
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.22—
8
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.03—
9
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.10—
10
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.40—
11
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.18—
12
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.460.59%
13
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.22—
14
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.22—

CNQ against its popular alternatives

The investments people most often weigh against CNQ, compared period by period and year by year.

How do CNQ's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at CNQ, which divides the map into what did better or worse on each measure.

Green points earned more than CNQ with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%55.0%60.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCNQ: 26.5% a year, volatility 32.5%SPY (S&P 500): 12.7% a year, volatility 17.1%IMO: 34.3% a year, volatility 32.0%APA: 16.2% a year, volatility 47.6%OVV: 14.8% a year, volatility 44.8%BTE: 11.4% a year, volatility 53.0%OBE: 24.8% a year, volatility 55.4%COP: 18.2% a year, volatility 32.6%SM: 6.9% a year, volatility 52.8%VET: 7.0% a year, volatility 51.5%CHRD: 16.7% a year, volatility 39.1%FANG: 17.6% a year, volatility 36.6%DVN: 9.3% a year, volatility 39.9%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%MGY: 6.3% a year, volatility 38.9%SU: 33.1% a year, volatility 32.5%PSX: 33.2% a year, volatility 32.9%PR: 33.1% a year, volatility 47.1%TRP: 10.8% a year, volatility 21.9%CVE: 26.6% a year, volatility 39.4%PBA: 13.8% a year, volatility 21.5%EOG: 16.6% a year, volatility 32.3%ENB: 9.1% a year, volatility 18.9%CNQSPY (S&P 500)IMOAPAOVVBTEOBECOPSMVETCHRDFANGDVNOXYSLBMGYSUPSXPRTRPCVEPBAEOGENB10.0%20.0%30.0%40.0%50.0%60.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCNQ: 26.5% a year, volatility 32.5%SPY (S&P 500): 12.7% a year, volatility 17.1%IMO: 34.3% a year, volatility 32.0%APA: 16.2% a year, volatility 47.6%OVV: 14.8% a year, volatility 44.8%BTE: 11.4% a year, volatility 53.0%OBE: 24.8% a year, volatility 55.4%COP: 18.2% a year, volatility 32.6%SM: 6.9% a year, volatility 52.8%VET: 7.0% a year, volatility 51.5%CHRD: 16.7% a year, volatility 39.1%FANG: 17.6% a year, volatility 36.6%DVN: 9.3% a year, volatility 39.9%OXY: 15.2% a year, volatility 37.9%SLB: 10.0% a year, volatility 37.5%MGY: 6.3% a year, volatility 38.9%SU: 33.1% a year, volatility 32.5%PSX: 33.2% a year, volatility 32.9%PR: 33.1% a year, volatility 47.1%TRP: 10.8% a year, volatility 21.9%CVE: 26.6% a year, volatility 39.4%PBA: 13.8% a year, volatility 21.5%EOG: 16.6% a year, volatility 32.3%ENB: 9.1% a year, volatility 18.9%CNQSPY (S&P 500)IMOAPAOVVBTEOBECOPSMVETCHRDDVNOXYSLBMGYSUPRTRPCVEEOGENB
All figures
InvestmentAnnual returnVolatility
IMO Imperial Oil Limited+34.3%32.0%
PSX Phillips 66+33.2%32.9%
SU Suncor Energy Inc.+33.1%32.5%
PR Permian Resources Corporation+33.1%47.1%
CVE Cenovus Energy Inc.+26.6%39.4%
CNQ This pageCanadian Natural Resources Limited+26.5%32.5%
OBE Obsidian Energy Ltd.+24.8%55.4%
COP ConocoPhillips+18.2%32.6%
FANG Diamondback Energy, Inc.+17.6%36.6%
CHRD Chord Energy Corporation+16.7%39.1%
EOG EOG Resources, Inc.+16.6%32.3%
APA APA Corporation+16.2%47.6%
OXY Occidental Petroleum Corporation+15.2%37.9%
OVV Ovintiv Inc.+14.8%44.8%
PBA Pembina Pipeline Corporation+13.8%21.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
BTE Baytex Energy Corp.+11.4%53.0%
TRP TC Energy Corporation+10.8%21.9%
SLB Slb N.V.+10.0%37.5%
DVN Devon Energy Corporation+9.3%39.9%
ENB Enbridge Inc.+9.1%18.9%
VET Vermilion Energy Inc.+7.0%51.5%
SM SM Energy Company+6.9%52.8%
MGY Magnolia Oil & Gas Corporation+6.3%38.9%
Open these 24 in EasyCompare

Has CNQ consistently beaten its popular alternatives?

This section compares CNQ with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than CNQ helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CNQ over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
CNQ Canadian Natural Resources Limited (this page)—+12.2%+24.4%+27.6%+62.5%+87.7%+90.4%+224%+433%32.5%0.89−77.5%—$112B—
SU QualifiedSuncor Energy Inc.5/5 short2/3 long+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
PSX QualifiedPhillips 664/5 short2/3 long+11.2%+40.1%+89.2%+128%+130%+183%+319%+430%32.9%1.04−64.2%—$117B—
IMO Oil & Gas IntegratedImperial Oil Limited0/5 short2/3 long+7.0%+10.5%+11.0%+53.8%+59.7%+143%+337%+430%32.0%1.09−77.1%—$65B—
PR Oil & Gas Exploration & ProductionPermian Resources Corporation4/5 short1/3 long+13.1%+23.3%+28.6%+76.5%+108%+86.6%+317%+99.2%47.1%0.85−98.9%—$21B—
TRP Oil & Gas MidstreamTC Energy Corporation0/5 short1/3 long+3.3%−8.8%+3.6%+13.8%+24.9%+136%+66.7%+160%21.9%0.58−41.6%—$64B—
APA Oil & Gas Exploration & ProductionAPA Corporation5/5 short0/3 long+13.9%+44.2%+40.6%+101%+130%+31.9%+111%+0.9%47.6%0.56−93.5%—$17B—
OVV Oil & Gas Exploration & ProductionOvintiv Inc.4/5 short0/3 long+16.8%+22.2%+32.8%+76.3%+98.3%+52.5%+99.6%+56.0%44.8%0.54−96.8%—$19B—
CVE Oil & Gas IntegratedCenovus Energy Inc.3/5 short0/3 long+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
BTE Oil & Gas Exploration & ProductionBaytex Energy Corp.3/5 short0/3 long+15.0%+28.8%+27.9%+63.7%+140%+27.3%+71.6%+31.6%53.0%0.47−96.1%—$3.8B—
OBE Oil & Gas Exploration & ProductionObsidian Energy Ltd.3/5 short0/3 long+2.1%+25.5%+11.8%+87.8%+106%+38.5%+203%−5.2%55.4%0.68−98.9%—$788M—
COP Oil & Gas Exploration & ProductionConocoPhillips2/5 short0/3 long+14.4%+27.0%+27.1%+54.3%+72.9%+28.5%+131%+379%32.6%0.68−70.7%—$175B—
SM Oil & Gas Exploration & ProductionSM Energy Company2/5 short0/3 long+11.8%+24.9%+46.1%+108%+88.7%−1.4%+39.5%+123%52.8%0.39−94.7%—$9.2B—
VET Oil & Gas Exploration & ProductionVermilion Energy Inc.1/5 short0/3 long+12.6%+38.7%+16.6%+61.0%+88.9%−1.4%+40.3%−49.9%51.5%0.39−95.0%—$2.0B—
CHRD Oil & Gas Exploration & ProductionChord Energy Corporation1/5 short0/3 long+9.2%+19.2%+21.9%+65.3%+77.0%+4.9%+117%—39.1%0.59−53.9%—$8.3B—
PBA Oil & Gas MidstreamPembina Pipeline Corporation0/5 short0/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
FANG Oil & Gas Exploration & ProductionDiamondback Energy, Inc.0/5 short0/3 long+6.9%+4.2%+11.6%+35.1%+46.8%+35.7%+125%+160%36.6%0.63−88.7%—$57B—
EOG Oil & Gas Exploration & ProductionEOG Resources, Inc.0/5 short0/3 long+12.4%+12.7%+24.0%+51.9%+53.1%+31.9%+115%+131%32.3%0.64−77.1%—$83B—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short0/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
DVN Oil & Gas Exploration & ProductionDevon Energy Corporation0/5 short0/3 long+5.9%+15.8%+13.6%+35.6%+61.8%+15.0%+56.0%+69.6%39.9%0.42−88.5%—$55B—
OXY Oil & Gas Exploration & ProductionOccidental Petroleum Corporation0/5 short0/3 long+9.9%+14.5%+16.6%+50.6%+56.4%+2.0%+103%+11.6%37.9%0.56−88.4%—$63B—
SLB Oil & Gas Equipment & ServicesSlb N.V.0/5 short0/3 long−3.4%+8.3%−3.3%+26.4%+53.2%−7.2%+60.7%−21.3%37.5%0.44−84.5%—$74B—
MGY Oil & Gas Exploration & ProductionMagnolia Oil & Gas Corporation0/5 short0/3 long+4.9%+0.4%−7.8%+15.5%+14.0%+18.4%+35.9%—38.9%0.35−77.8%—$6.0B—
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How did CNQ do year by year?

This table shows each investment's total return in every full calendar year since 2001, along with where CNQ ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CNQ and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of CNQ; gray means the two finished within a fraction of a point. The rank row places CNQ among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of CNQ2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001
CNQ This pageCanadian Natural Resources Limited—+15.5%−1.3%+23.7%+39.9%+83.3%−19.1%+39.6%−28.9%+15.0%+51.6%−27.4%−6.8%+19.1%−21.7%−15.2%+24.4%+81.4%−44.9%+38.1%+7.6%+133%+71.3%+72.2%+24.3%−10.9%
Rank among alternativesTop quarter in 9 of 258 of 2311 of 234 of 2314 of 2316 of 235 of 223 of 2213 of 225 of 215 of 208 of 2011 of 2010 of 2016 of 1813 of 188 of 165 of 1511 of 158 of 159 of 141 of 131 of 131 of 131 of 137 of 12
SPY S&P 500State Street SPDR S&P 500 ETF13 of 25+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%
SU Suncor Energy Inc.8 of 25+29.7%+16.2%+6.0%+32.3%+55.0%−46.6%+22.1%−21.3%+15.8%+31.2%−16.3%−7.0%+8.6%+16.2%−23.8%+9.9%+82.6%−64.0%+38.4%+25.4%+79.0%+42.3%+61.2%−3.9%+29.7%
PSX Phillips 668 of 13+17.5%−11.6%+33.1%+49.6%+8.4%−33.9%+34.0%−12.3%+20.9%+9.0%+17.1%−4.7%+48.3%————————————
IMO Imperial Oil Limited12 of 25+43.8%+10.5%+20.6%+38.0%+95.3%−25.4%+7.2%−17.2%−8.8%+8.5%−23.5%−1.7%+4.0%−2.3%+10.9%+6.0%+15.8%−38.0%+49.9%+11.9%+69.7%+36.1%+58.5%+6.2%+9.3%
PR Permian Resources Corporation4 of 9+1.9%+10.8%+49.5%+57.7%+299%−67.6%−58.0%−44.4%+0.4%————————————————
TRP TC Energy Corporation10 of 25+24.0%+39.9%+6.1%−8.8%+21.7%−18.7%+57.0%−22.2%+12.9%+46.1%−29.0%+12.3%+1.0%+13.2%+20.0%+16.2%+34.2%−30.6%+21.9%+16.2%+32.9%+21.2%+55.8%+21.9%+14.8%
APA APA Corporation5 of 25+11.5%−33.5%−21.2%+76.4%+90.7%−43.7%+1.1%−36.4%−32.2%+45.7%−27.7%−26.3%+10.5%−12.7%−23.6%+16.3%+39.5%−30.2%+62.9%−2.3%+36.2%+25.4%+50.3%+15.2%−21.2%
OVV Ovintiv Inc.7 of 24−0.3%−5.2%−10.9%+53.3%+138%−34.8%−17.6%−56.4%+14.2%+132%−62.1%−22.0%−5.2%+10.8%−34.3%−7.8%+697%−28.6%+51.8%+3.3%+60.1%+47.1%+29.4%+22.0%—
CVE Cenovus Energy Inc.7 of 16+15.8%−5.9%−12.3%+61.1%+105%−39.6%+47.2%−21.6%−38.6%+21.1%−36.1%−25.3%−11.9%+3.6%+2.3%+35.6%—————————
BTE Baytex Energy Corp.8 of 19+29.4%−20.5%−25.7%+46.3%+476%−63.1%−17.7%−41.2%−38.6%+50.8%−79.6%−54.7%−4.0%−18.6%+25.1%+79.4%+156%−29.8%+12.2%——————
OBE Obsidian Energy Ltd.6 of 20+5.9%−14.6%+2.1%+61.2%+515%−6.9%−74.3%−67.7%−29.9%+113%−59.0%−72.4%−17.0%−40.8%−12.8%+46.6%+82.8%−49.7%−3.4%−0.9%—————
COP ConocoPhillips11 of 25−2.3%−12.2%+2.0%+72.2%+87.1%−36.0%+6.6%+15.6%+11.9%+10.1%−29.0%+1.5%+27.1%+8.0%+11.0%+38.6%+2.8%−39.9%+25.4%+26.5%+36.9%+35.6%+39.8%−17.5%+8.6%
SM SM Energy Company7 of 25−49.7%+1.8%+13.1%+18.6%+382%+10.2%−26.1%−29.3%−35.3%+76.5%−48.8%−53.5%+59.6%−28.3%+24.3%+73.0%+70.1%−47.1%+5.4%+0.5%+77.6%+47.3%+15.0%+19.1%−35.8%
VET Vermilion Energy Inc.5 of 15−7.0%−19.4%−30.2%+42.1%+183%−71.3%−13.3%−37.8%−9.5%+64.9%−41.5%−13.1%+17.2%+23.0%−0.6%——————————
CHRD Chord Energy Corporation2 of 5−16.4%−25.0%+31.8%+34.1%+261%————————————————————
PBA Pembina Pipeline Corporation7 of 15+8.6%+13.1%+7.8%+17.8%+36.8%−31.0%+31.1%−14.0%+20.4%+51.6%−37.1%+8.0%+29.6%+4.0%+43.0%——————————
FANG Diamondback Energy, Inc.7 of 13−5.6%+10.3%+19.7%+35.4%+127%−46.0%+0.9%−26.4%+24.9%+51.1%+11.9%+13.0%+177%————————————
EOG EOG Resources, Inc.11 of 25−11.4%+4.3%−2.0%+56.9%+88.6%−38.6%−2.8%−18.7%+7.5%+44.0%−22.5%+10.3%+39.7%+23.4%+8.5%−5.5%+47.4%−25.0%+43.6%−14.6%+106%+55.3%+16.1%+2.5%−28.1%
ENB Enbridge Inc.11 of 25+19.5%+26.3%−1.1%+6.5%+30.9%−13.6%+36.0%−15.5%−3.7%+32.4%−33.3%+21.0%+3.7%+19.2%+37.0%+26.2%+47.3%−17.0%+21.4%+13.5%+29.5%+24.8%+57.5%+3.1%−1.3%
DVN Devon Energy Corporation6 of 25+15.0%−25.2%−21.8%+50.9%+196%−35.2%+16.7%−45.1%−8.8%+45.0%−46.6%+0.4%+20.7%−15.0%−20.3%+7.8%+13.1%−25.6%+33.5%+8.1%+61.6%+36.7%+25.4%+19.3%−36.4%
OXY Occidental Petroleum Corporation10 of 25−14.9%−15.9%−4.1%+119%+67.7%−56.6%−28.3%−13.1%+8.5%+9.8%−12.7%−8.9%+27.8%−16.1%−2.6%+22.7%+38.4%−20.7%+60.2%+24.2%+39.2%+41.3%+53.1%+11.0%+13.4%
SLB Slb N.V.8 of 25+3.3%−24.5%−0.8%+81.1%+39.6%−43.8%+17.8%−44.7%−18.5%+23.5%−16.3%−3.6%+32.1%+3.0%−17.2%+30.0%+56.2%−56.5%+57.1%+31.1%+46.6%+23.8%+32.0%−22.2%−30.3%
MGY Magnolia Oil & Gas Corporation3 of 8−3.8%+12.2%−7.3%+26.5%+169%−43.9%+12.3%+15.0%—————————————————
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Risk and diversification

How CNQ has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were CNQ's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CNQ's five deepest drawdowns since it began trading in 2000, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means CNQ fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringCNQ fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−81.1%+128%Jun 2008Mar 202011.8 yearsJun 202115 months
Dot-com bust−37.3%−20.7%Sep 2000Nov 200114 monthsMay 200318 months
No named crash−35.9%−2.2%Apr 2024Apr 202512 monthsJan 20269 months
No named crash−34.7%+6.7%Feb 2006Oct 20068 monthsMay 20077 months
2022 bear market−32.2%−17.4%Apr 2022Sep 20225 monthsAug 202311 months

How did CNQ do in stock market crashes?

This section measures how far CNQ, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: CNQ began trading on July 31, 2000, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than CNQ.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
CNQ This pageCanadian Natural Resources Limited—−5.8%−32.2%−74.4%−32.1%−11.7%−38.1%−36.9%−0.2%−74.8%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF8 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SU Suncor Energy Inc.3 of 9−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
PSX Phillips 663 of 6−5.6%−32.0%−53.3%−33.2%−4.7%−21.1%————
IMO Imperial Oil Limited8 of 9−5.1%−29.7%−67.5%−27.3%−6.9%−29.0%−28.8%0.0%−60.8%−20.8%
PR Permian Resources Corporation1 of 5−8.2%−44.3%−90.1%−55.9%−7.9%—————
TRP TC Energy Corporation8 of 9−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
APA APA Corporation2 of 9−10.3%−40.1%−84.9%−48.2%−13.1%−36.1%−40.5%−2.5%−64.8%−47.1%
OVV Ovintiv Inc.1 of 9−9.6%−36.5%−86.4%−62.0%−11.9%−63.3%−38.5%−0.1%−63.9%—
CVE Cenovus Energy Inc.1 of 8−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%——
BTE Baytex Energy Corp.2 of 9−11.8%−45.0%−80.5%−53.5%−12.0%−85.2%−31.8%−1.1%−74.0%—
OBE Obsidian Energy Ltd.0 of 9−7.7%−45.0%−76.1%−66.0%−11.9%−65.4%−38.8%−0.4%−76.5%—
COP ConocoPhillips5 of 9−6.1%−33.0%−61.8%−28.3%−9.4%−43.4%−19.0%−0.8%−62.4%−31.7%
SM SM Energy Company2 of 9−3.6%−44.1%−77.1%−59.5%−11.8%−76.4%−31.1%−3.4%−82.0%−57.0%
VET Vermilion Energy Inc.3 of 7−3.5%−37.3%−88.0%−40.2%−10.0%−40.4%−24.7%———
CHRD Chord Energy Corporation0 of 2−5.9%−35.8%————————
PBA Pembina Pipeline Corporation7 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
FANG Diamondback Energy, Inc.2 of 6−7.7%−33.5%−80.3%−38.7%−9.8%−29.3%————
EOG EOG Resources, Inc.4 of 9−7.4%−33.4%−61.5%−37.3%−11.3%−31.7%−35.8%−1.5%−68.0%−52.7%
ENB Enbridge Inc.8 of 9−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
DVN Devon Energy Corporation1 of 9−8.3%−33.6%−75.9%−49.4%−13.4%−55.2%−36.6%−2.3%−68.6%−52.9%
OXY Occidental Petroleum Corporation7 of 9−4.6%−22.9%−76.8%−30.5%−7.3%−21.4%−36.1%0.0%−58.1%−28.4%
SLB Slb N.V.4 of 9−8.8%−36.8%−64.9%−43.6%−10.9%−27.1%−38.9%−3.8%−68.0%−59.8%
MGY Magnolia Oil & Gas Corporation2 of 5−6.6%−38.1%−63.6%−33.6%−0.6%—————
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How closely does CNQ move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares CNQ with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than CNQ's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CNQ This pageCanadian Natural Resources Limited110%109%1.011.13
IMO Imperial Oil Limited110%105%1.041.18
COP ConocoPhillips94%92%1.020.91
SU Suncor Energy Inc.90%90%1.000.96
PSX Phillips 66116%122%0.951.16
TRP TC Energy Corporation67%73%0.920.72
PBA Pembina Pipeline Corporation79%92%0.851.02
ENB Enbridge Inc.60%74%0.820.73
FANG Diamondback Energy, Inc.108%148%0.731.54
CVE Cenovus Energy Inc.124%173%0.721.69
EOG EOG Resources, Inc.92%135%0.691.17
SM SM Energy Company154%244%0.633.21
PR Permian Resources Corporation139%234%0.593.38
DVN Devon Energy Corporation118%199%0.591.80
OVV Ovintiv Inc.131%228%0.582.14
BTE Baytex Energy Corp.131%239%0.551.59
OXY Occidental Petroleum Corporation80%155%0.511.24
APA APA Corporation124%246%0.502.54
SLB Slb N.V.104%212%0.491.54
OBE Obsidian Energy Ltd.78%165%0.471.39
VET Vermilion Energy Inc.90%225%0.401.67
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What diversifies CNQ?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with CNQ's. Because such investments tend not to fall at the same time, pairing CNQ with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which CNQ lost money. The last two columns show a portfolio that is 80% CNQ and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20242020201820152014201220112008200180/20 mix volatility80/20 mix annual return
CNQ Canadian Natural Resources Limited (this page)1.00+224%0.89−1.3%−19.1%−28.9%−27.4%−6.8%−21.7%−15.2%−44.9%−10.9%30.4%+27.0%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+29.8%+3.9%−19.8%+7.7%+8.1%+19.6%−16.1%−20.8%—25.2%+27.8%
SMH TechnologyVanEck Semiconductor ETF-0.05+323%0.97+39.1%+55.5%−9.1%−0.3%+30.2%+8.6%+6.8%−44.7%−14.6%25.0%+31.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.33+85.0%0.96+13.4%+2.1%−9.5%+4.1%+3.4%+20.9%———25.1%+25.0%
GLD CommoditiesSPDR Gold Shares0.20+126%0.96+26.7%+24.8%−1.9%−10.7%−2.2%+6.6%+9.6%+4.9%—25.2%+26.1%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.10+136%0.93+45.8%+28.2%−0.9%——————25.1%+27.0%
VTV Broad MarketVanguard Morningstar Value ETF0.49+76.6%0.90+16.0%+2.3%−5.5%−1.0%+13.2%+15.2%+1.1%−35.9%—25.8%+24.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.29+109%0.90+7.2%−0.2%−11.1%−4.1%+12.8%————25.8%+25.9%
EWT TechnologyiShares MSCI Taiwan ETF0.01+153%0.89+16.1%+31.5%−9.9%−12.9%+7.0%+18.6%−21.8%−45.3%+2.1%24.9%+27.3%

Stocks

InvestmentCorrelation5Y returnSharpe20242020201820152014201220112008200180/20 mix volatility80/20 mix annual return
CNQ Canadian Natural Resources Limited (this page)1.00+224%0.89−1.3%−19.1%−28.9%−27.4%−6.8%−21.7%−15.2%−44.9%−10.9%30.4%+27.0%
CAH Medical - DistributionCardinal Health, Inc.0.16+479%1.55+19.0%+10.1%−24.5%+12.6%+23.0%+3.8%+8.1%−39.6%−2.5%25.7%+30.4%
CLS Hardware, Equipment & PartsCelestica Inc.0.13+3,143%1.47+215%−2.4%−16.3%−6.0%+12.9%+11.2%−24.4%−20.5%−25.6%28.3%+44.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.19+1,636%1.46+107%+6.7%+0.8%+67.7%−10.4%+15.7%−17.0%−15.2%+73.7%27.4%+39.9%
MCK Medical - DistributionMcKesson Corporation0.37+413%1.44+23.7%+27.1%−28.4%−4.5%+29.3%+25.6%+11.8%−40.4%+4.9%26.6%+29.4%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.26+594%1.36+103%−7.2%−37.5%−36.3%+50.9%+2.9%−42.9%−67.4%+9.8%27.0%+32.6%
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Common questions

What was CNQ's worst drawdown?

CNQ's deepest decline since it began trading in 2000 was 81.1%, from June 2008 to March 2020. It took 15 months from the low to climb back to its old high.

What were CNQ's best and worst years?

Over 25 full calendar years, CNQ's best year was 2005, when it returned 133%. Its worst was 2008, with a return of -44.9%.

Is there a better investment than CNQ?

Among CNQ's popular alternatives, PSX earned more for the risk it took than CNQ over the past 5 years, and its worst fall in 10 years was 64.2%, against 77.5% for CNQ. Looking beyond its popular alternatives, PAA (oil & gas midstream) matched CNQ's return over the past 5 years (27.0% a year against 26.5%) with 21% less volatility.

Is CNQ more volatile than the S&P 500?

Yes. CNQ's volatility over the past 5 years was 32.5%, 1.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CNQ's return lands within 32.5% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is CNQ's Sharpe ratio?

CNQ's Sharpe ratio over the past 5 years was 0.89, against 0.79 for the S&P 500, so CNQ earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is CNQ with the S&P 500?

Over the past 5 years, CNQ's monthly returns had a correlation of 0.28 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against CNQ instead: the lower it is, the more that option would diversify a CNQ holding.

What are the best alternatives to CNQ?

Of the 22 popular alternatives we compared, two outperformed CNQ in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SU and PSX.

Did CNQ outperform the S&P 500?

CNQ finished ahead of the S&P 500 (SPY) in 12 of 25 full calendar years. In 2025, it returned +15.5%, against +17.7% for the index.

How did CNQ do in stock market crashes?

CNQ fell less than the S&P 500 (SPY) in one of the nine major crashes it has traded through, and further in eight. The clearest case was the Covid crash, when CNQ fell 74.4% and the S&P 500 fell 33.7%.

What diversifies CNQ?

These had a low correlation with CNQ over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.29), SMH (correlation -0.05) and DBEF (correlation 0.33); among large stocks, CAH (correlation 0.16), CLS (correlation 0.13) and FIX (correlation 0.19). A correlation near zero means the two have moved largely independently.

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