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

> Source: EasyCompare research, https://easycompare.io/research/cnq
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** CNQ has run far ahead of the market, rising 24.4% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its oil & gas peers were far apart over the past 3 months, from APA (up 44.2%) to IMO (Imperial Oil, up 10.5%).
- **Stock or market?:** Not a move of its own: the oil & gas ETF XOP (State Street SPDR S&P Oil & Gas Exploration & Production ETF) rose 18.1% over the past 3 months, with COP (ConocoPhillips, up 27.0%) and SU (Suncor Energy, up 26.8%), against 3.9% for the S&P 500. Last month cut against the tape: CNQ rose 12.2% while the S&P 500 fell 0.6%.
- **Past 1 to 3 years:** Over the past year, CNQ rose 87.7% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** CNQ turned $10,000 into $53,300 over the past decade, against $42,100 in the S&P 500. CNQ's 10-year return of 433% puts it ahead of 83% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across six sell-offs, CNQ has typically fallen about twice as far as the S&P 500. The Covid crash took 74.4% off CNQ, against 33.7% for the S&P 500. That was more than COP (ConocoPhillips, 61.8%) but less than OXY (Occidental Petroleum, 76.8%).
- **Diversification:** CNQ is a real diversifier: a correlation of 0.28 with the S&P 500 over 5 years and 0.27 with the total US market, less closely than 74% of stocks worth at least $300 million. CNQ's link to the S&P 500 has loosened: a correlation of 0.28 over the past 5 years, down from 0.64 in the 5 years before.
- **Better options**
  - **Popular alternatives:** PSX (Phillips 66) 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.
  - **Nearby categories and themes:** PAA (Plains All American Pipeline, oil & gas midstream) matched CNQ's return over the past 5 years (27.0% a year against 26.5%) with 21% less volatility.
  - **Whole market:** Few investments have done better on both counts: only 14 of the 3,633 stocks and funds worth at least $500 million earned more than CNQ with less volatility over the past 5 years, among them HSBC, MUFG (Mitsubishi UFJ Financial Group) and MFG (Mizuho Financial Group).

## 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.

- $10,000 invested in CNQ at the end of September 2000 would have grown to $448,299 by September 2026, more than the $84,332 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of CNQ, and BAP finished highest, at $1,194,547.

## 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.

- 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.
- CNQ is trading within 1% of its all-time high.
- Over 25 full calendar years, CNQ's best was 2005, when it returned 133%, and its worst was 2008, when it lost 44.9%. It lost money in nine of those years.

- Type: Stock, Energy (Oil & Gas Exploration & Production)
- Trading since: July 31, 2000
- Market value: $112B
- Volatility (5 years): 32.5%; Sharpe ratio: 0.89
- Worst decline ever: −81.1%, from June 18, 2008 to March 18, 2020; back at its high by June 4, 2021

| Period | CNQ total return |
| --- | --- |
| 1 month | +12.2% |
| 3 months | +24.4% |
| 6 months | +27.6% |
| year to date | +62.5% |
| 1 year | +87.7% |
| 3 years | +90.4% |
| 5 years | +224% |
| 10 years | +433% |

## 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.

- On return for the risk taken (the Sharpe ratio), CNQ ranks in the top 6% of the 2,893 stocks worth at least $300 million.

| Measure | CNQ | Rank |
| --- | --- | --- |
| 1-year return | +87.7% | 230 of 3,287 (top 7%) |
| 3-year return | +90.4% | 1,006 of 3,017 (top 34%) |
| 5-year return | +224% | 268 of 2,893 (top 10%) |
| 10-year return | +433% | 372 of 2,202 (top 17%) |
| Volatility, 5 years | 32.5% | 954 of 2,893 (top 33%) |
| Sharpe ratio, 5 years | 0.89 | 177 of 2,893 (top 7%) |
| Worst decline, past 10 years | −77.5% | 1,547 of 2,187 (top 71%) |

### 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).

- 13 stocks and one ETF worth at least $500 million sit in the green region: each earned more than CNQ over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half CNQ's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 24% less than CNQ's 32.5%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.89 for CNQ.

### Is there a better investment than CNQ?

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.

- 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.
- Few investments have done better on both counts: only 14 of the 3,633 stocks and funds worth at least $500 million earned more than CNQ with less volatility over the past 5 years, among them HSBC, MUFG and MFG.

The 14 strongest of 14 investments that beat CNQ over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CNQ | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CNQ: Canadian Natural Resources Limited (this page) |  | +26.5% | 32.5% | 0.89 | −77.5% | +433% |  |  |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| CW: Curtiss-Wright Corporation | Aerospace & Defense | +30.8% | 28.7% | 1.08 | −48.7% | +512% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | Banks | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.22 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | Banks | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.10 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BAP: Credicorp Ltd. | Banks | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BLX: Bladex, Inc. | Banks - Regional | +31.4% | 25.9% | 1.19 | −68.5% | +290% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| EPU: iShares MSCI Peru and Global Exposure ETF | International | +29.5% | 24.9% | 1.17 | −51.0% | +275% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| UNM: Unum Group | Life Insurance | +30.6% | 29.3% | 1.06 | −81.0% | +256% | 0.22 | Higher return, lower volatility |
| AIT: Applied Industrial Technologies, Inc. | Industrial Distribution | +28.5% | 30.3% | 0.98 | −59.3% | +742% | 0.22 | Higher return, lower volatility |

## 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.

- Only IMO was both more rewarding and calmer than CNQ over the past 5 years, earning a higher annual return with lower volatility.
- 13 of the 22 popular alternatives earned less than CNQ over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, CNQ returned 26.5% a year, more than the S&P 500's 12.7%, with higher volatility (32.5% against 17.1%).

### 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.

- Two of the 22 popular alternatives, SU and PSX, outperformed CNQ in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- IMO, SU and PSX earned more for the risk they took than CNQ (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of CNQ | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CNQ: Canadian Natural Resources Limited (this page) | +87.7% | +90.4% | +224% | +433% |  |  | 0.89 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | +111% | +161% | +318% | +295% | 5/5 short-term, 2/3 long-term | consistent | 1.05 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | +130% | +183% | +319% | +430% | 4/5 short-term, 2/3 long-term | consistent | 1.04 |
| [IMO](https://easycompare.io/research/imo): Imperial Oil Limited | +59.7% | +143% | +337% | +430% | 0/5 short-term, 2/3 long-term |  | 1.09 |
| PR: Permian Resources Corporation | +108% | +86.6% | +317% | +99.2% | 4/5 short-term, 1/3 long-term |  | 0.85 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | +24.9% | +136% | +66.7% | +160% | 0/5 short-term, 1/3 long-term |  | 0.58 |
| APA: APA Corporation | +130% | +31.9% | +111% | +0.9% | 5/5 short-term, 0/3 long-term |  | 0.56 |
| OVV: Ovintiv Inc. | +98.3% | +52.5% | +99.6% | +56.0% | 4/5 short-term, 0/3 long-term |  | 0.54 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | +101% | +76.2% | +225% | +163% | 3/5 short-term, 0/3 long-term |  | 0.80 |
| BTE: Baytex Energy Corp. | +140% | +27.3% | +71.6% | +31.6% | 3/5 short-term, 0/3 long-term |  | 0.47 |
| OBE: Obsidian Energy Ltd. | +106% | +38.5% | +203% | −5.2% | 3/5 short-term, 0/3 long-term |  | 0.68 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | +72.9% | +28.5% | +131% | +379% | 2/5 short-term, 0/3 long-term |  | 0.68 |
| SM: SM Energy Company | +88.7% | −1.4% | +39.5% | +123% | 2/5 short-term, 0/3 long-term |  | 0.39 |
| VET: Vermilion Energy Inc. | +88.9% | −1.4% | +40.3% | −49.9% | 1/5 short-term, 0/3 long-term |  | 0.39 |
| CHRD: Chord Energy Corporation | +77.0% | +4.9% | +117% | — | 1/5 short-term, 0/3 long-term |  | 0.59 |
| PBA: Pembina Pipeline Corporation | +39.3% | +91.3% | +90.5% | +172% | 0/5 short-term, 0/3 long-term |  | 0.71 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | +46.8% | +35.7% | +125% | +160% | 0/5 short-term, 0/3 long-term |  | 0.63 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | +53.1% | +31.9% | +115% | +131% | 0/5 short-term, 0/3 long-term |  | 0.64 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 0/5 short-term, 0/3 long-term |  | 0.56 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | +61.8% | +15.0% | +56.0% | +69.6% | 0/5 short-term, 0/3 long-term |  | 0.42 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | +56.4% | +2.0% | +103% | +11.6% | 0/5 short-term, 0/3 long-term |  | 0.56 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | +53.2% | −7.2% | +60.7% | −21.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |
| MGY: Magnolia Oil & Gas Corporation | +14.0% | +18.4% | +35.9% | — | 0/5 short-term, 0/3 long-term |  | 0.35 |

### 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.

- CNQ finished ahead of the S&P 500 in 12 of its 25 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, CNQ finished in the top quarter in nine of 25 years and in the bottom quarter in one. In 2025, it ranked 8 of 23.
- Among its popular alternatives, PSX came out ahead of CNQ most often, in eight of the 13 years both traded.

| Year | CNQ | SPY |
| --- | --- | --- |
| 2025 | +15.5% | +17.7% |
| 2024 | −1.3% | +24.9% |
| 2023 | +23.7% | +26.2% |
| 2022 | +39.9% | −18.2% |
| 2021 | +83.3% | +28.7% |
| 2020 | −19.1% | +18.3% |
| 2019 | +39.6% | +31.2% |
| 2018 | −28.9% | −4.6% |
| 2017 | +15.0% | +21.7% |
| 2016 | +51.6% | +12.0% |

## 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.

- In all five of CNQ's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CNQ fell 81.1% from June 2008 to March 2020, while the S&P 500 rose 128%.
- The longest climb back to a previous high took 18 months, after CNQ fell 37.3% from September 2000 to November 2001.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −81.1% | June 18, 2008 | March 18, 2020 | June 4, 2021 | +128% | 2008 financial crisis |
| −37.3% | September 15, 2000 | November 16, 2001 | May 6, 2003 | −20.7% | dot-com bust |
| −35.9% | April 10, 2024 | April 8, 2025 | January 29, 2026 | −2.2% |  |
| −34.7% | February 6, 2006 | October 3, 2006 | May 7, 2007 | +6.7% |  |
| −32.2% | April 20, 2022 | September 26, 2022 | August 29, 2023 | −17.4% | 2022 bear market |

### 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.

- CNQ fell further than the S&P 500 in eight of the nine crashes it has traded through. The clearest case was the Covid crash, when CNQ fell 74.4% and the S&P 500 fell 33.7%.
- Among its popular alternatives, PBA held up best, falling less than CNQ in all seven crashes they both traded through.
- CNQ began trading after the dot-com bust, but 11 of its popular alternatives lived through it. The mildest fall among them was TRP's 13.7%, against 47.5% for the S&P 500.

| Crash | Dates | CNQ fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −74.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.2% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −36.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −38.1% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −11.7% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −32.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −74.4% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −32.2% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −5.8% | −3.4% |

### 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.

- Only IMO and COP had a higher capture ratio (upside capture divided by downside capture) than CNQ's 1.01, out of 20 popular alternatives with the same record.
- SU took just 90% of the S&P 500's losses, against 109% for CNQ, while still keeping 90% of its gains.
- Over the past 10 years, CNQ captured 110% of the S&P 500's gains in rising months and 109% of its losses in falling months, with a beta of 1.13. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| CNQ: Canadian Natural Resources Limited (this page) | 110% | 109% | 1.13 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | 90.0% | 90.0% | 0.96 |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | 116% | 122% | 1.16 |
| [IMO](https://easycompare.io/research/imo): Imperial Oil Limited | 110% | 105% | 1.18 |
| PR: Permian Resources Corporation | 139% | 234% | 3.38 |
| [TRP](https://easycompare.io/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| APA: APA Corporation | 124% | 246% | 2.54 |
| OVV: Ovintiv Inc. | 131% | 228% | 2.14 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | 124% | 173% | 1.69 |
| BTE: Baytex Energy Corp. | 131% | 239% | 1.59 |
| OBE: Obsidian Energy Ltd. | 78.0% | 165% | 1.39 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | 94.0% | 92.0% | 0.91 |
| SM: SM Energy Company | 154% | 244% | 3.21 |
| VET: Vermilion Energy Inc. | 90.0% | 225% | 1.67 |
| PBA: Pembina Pipeline Corporation | 79.0% | 92.0% | 1.02 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | 108% | 148% | 1.54 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | 92.0% | 135% | 1.17 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | 118% | 199% | 1.80 |
| [OXY](https://easycompare.io/research/oxy): Occidental Petroleum Corporation | 80.0% | 155% | 1.24 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | 104% | 212% | 1.54 |

### 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).

- Moving a fifth of the money in CNQ into EWT would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+27.0% for CNQ alone, +27.3% for the mix).
- Among large ETFs, DXJ, SMH and DBEF have moved largely independently of CNQ over the past 5 years, with correlations of 0.33 or lower, and each still earned a positive 5-year return.
- CAH made money in six of the nine calendar years in which CNQ lost money.

| Investment | Correlation with CNQ | 5Y return | Volatility | Sharpe | Rose in CNQ's 9 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 5 of 9 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.05 | +323% | 36.9% | 0.97 | 5 of 9 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.33 | +85.0% | 13.8% | 0.96 | 5 of 9 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.20 | +126% | 18.9% | 0.96 | 5 of 9 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.10 | +136% | 20.8% | 0.93 | 2 of 9 |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | 0.49 | +76.6% | 13.7% | 0.90 | 5 of 9 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.29 | +109% | 18.4% | 0.90 | 2 of 9 |
| EWT: iShares MSCI Taiwan ETF | 0.01 | +153% | 24.2% | 0.89 | 5 of 9 |

## 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.

## More research

- [Suncor Energy (SU) Performance, Alternatives and Market Rank](https://easycompare.io/research/su)
- [Phillips 66 (PSX) Performance, Alternatives and Market Rank](https://easycompare.io/research/psx)
- [Imperial Oil (IMO) Performance, Alternatives and Market Rank](https://easycompare.io/research/imo)
- [TC Energy (TRP) Performance, Alternatives and Market Rank](https://easycompare.io/research/trp)
- [Cenovus Energy (CVE) Performance, Alternatives and Market Rank](https://easycompare.io/research/cve)
- [ConocoPhillips (COP) Performance, Alternatives and Market Rank](https://easycompare.io/research/cop)
- [Diamondback Energy (FANG) Performance, Alternatives and Market Rank](https://easycompare.io/research/fang)
- [EOG Resources (EOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/eog)
- [Enbridge (ENB) Performance, Alternatives and Market Rank](https://easycompare.io/research/enb)
- [Devon Energy (DVN) Performance, Alternatives and Market Rank](https://easycompare.io/research/dvn)
- [Occidental Petroleum (OXY) Performance, Alternatives and Market Rank](https://easycompare.io/research/oxy)
- [SLB Performance, Alternatives and Market Rank](https://easycompare.io/research/slb)

## Explore further

- Full page with charts: https://easycompare.io/research/cnq
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against CNQ live: https://betterthanspy.com/?b=CNQ&utm_source=easycompare&utm_medium=research