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Relative Intelligence · Integrated Oil & Gas

How Cenovus Energy (CVE) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on CVE alone. It places CVE (Cenovus Energy Inc.) against 18 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 CVE stands in the market, and of the alternatives worth a closer look.

Period covered: CVE's full trading record, from November 2009 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 CVE →Chart CVE vs. 18 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in CVE over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of CVE over the same span and CVE'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.

Note: CVE began trading on November 17, 2009, so the chart cannot reach back to the dot-com bust or the 2008 financial crisis. It covers the most recent 16 years of CVE's record, starting at the end of September 2010.

Choose a period

From the end of September 2010 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. 1,719 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000201020132016201920222025$1,000$10,000$100,00020102014201820222026
  • VLO$409,280+3,993% total · +26.1% a year
  • SPY (S&P 500)$88,503+785% total · +14.6% a year
  • CNQ$49,969+400% total · +10.6% a year
  • IMO$44,598+346% total · +9.8% a year
  • E$35,444+254% total · +8.2% a year
  • SU$35,239+252% total · +8.2% a year
  • PBR$23,344+133% total · +5.4% a year
  • CVE$15,865+58.7% total · +2.9% a year
  • YPF$15,463+54.6% total · +2.8% a year
  • EC$13,955+39.5% total · +2.1% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 265 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of CVE; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000$120,000202120222023202420252026$0$50,000$100,000$150,000202120222023202420252026
  • YPF$107,580+976% total · +60.8% a year
  • MPC$71,516+615% total · +48.2% a year
  • PBR$64,214+542% total · +45.1% a year
  • VLO$64,131+541% total · +45.0% a year
  • IMO$44,071+341% total · +34.5% a year
  • SU$40,398+304% total · +32.2% a year
  • CVE$35,159+252% total · +28.6% a year
  • CNQ$33,008+230% total · +27.0% a year
  • EC$23,114+131% total · +18.2% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

CVE 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.

Note: CVE began trading on November 17, 2009, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust or the 2008 financial crisis.

The company

Market value
$61B
Industry
Oil & Gas Integrated
Price history from
November 2009

Returns

Past 1 year
+101%total return
Past 3 years
+76.2%+20.8% a year
Past 5 years
+225%+26.5% a year
Past 10 years
+163%+10.2% a year
Best calendar year
+105%2021
Worst calendar year
−39.6%2020
Losing years
8 of 16full calendar years

Risk

Volatility
39.4%typical yearly swing, 5 years
Sharpe ratio
0.80return per unit of risk, 5 years
Worst decline ever
−95.0%Jul 2011 to Mar 2020
From its all-time high
−2.2%below the peak

CVE against the whole market

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

How does CVE rank among all stocks?

This section ranks CVE 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 CVE 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.

MeasureCVERankStanding
1-year return+101%174 of 3,287top 5%
3-year return+76.2%1,174 of 3,017top 39%
5-year return+225%267 of 2,893top 9%
10-year return+163%1,015 of 2,202top 46%
Volatility, 5 years39.4%1,425 of 2,893top 49%
Sharpe ratio, 5 years0.80288 of 2,893top 10%
Worst decline, past 10 years−89.2%1,916 of 2,187bottom 13%

What has beaten CVE 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). CVE sits where the dashed lines cross. Anything in the green box above and to the left earned more than CVE 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 CVE; faint dots are 49 more of the 58 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%50.0%55.0%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 CVELLY: +40.7% a year, volatility 32.8%HSBC: +33.1% a year, volatility 25.9%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%PWR: +39.3% a year, volatility 37.2%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%BAP: +30.8% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%SBS: +39.1% a year, volatility 37.1%CW: +30.8% a year, volatility 28.7%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%AIT: +28.5% a year, volatility 30.3%SNEX: +33.0% a year, volatility 37.3%USLM: +35.6% a year, volatility 36.1%GE: +36.0% a year, volatility 31.0%BLX: +31.4% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%ODC: +35.9% a year, volatility 36.9%NBN: +28.8% a year, volatility 33.3%SMFG: +33.7% a year, volatility 29.4%SMH: +33.4% a year, volatility 36.9%CIB: +32.9% a year, volatility 32.9%MOG-A: +36.6% a year, volatility 32.0%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%NWG: +27.7% a year, volatility 34.1%RL: +28.6% a year, volatility 36.9%WT: +31.4% a year, volatility 32.8%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%NPO: +28.1% a year, volatility 36.0%NWPX: +32.5% a year, volatility 36.2%HWKN: +29.1% a year, volatility 36.5%TRGP: +41.8% a year, volatility 31.7%VCTR: +28.1% a year, volatility 35.0%CAAP: +35.1% a year, volatility 35.9%ARLP: +29.4% a year, volatility 31.6%AAMI: +29.0% a year, volatility 35.6%AROC: +33.1% a year, volatility 36.4%PRDO: +27.6% a year, volatility 36.1%CVE: +26.5% a year, volatility 39.4%SPY (S&P 500): +12.7% a year, volatility 17.1%SU: +33.1% a year, volatility 32.5%MPC: +51.2% a year, volatility 33.4%VLO: +44.2% a year, volatility 36.9%IMO: +34.3% a year, volatility 32.0%PBR: +50.3% a year, volatility 37.5%XOM: +27.1% a year, volatility 26.5%PSX: +33.2% a year, volatility 32.9%PBR-A: +51.8% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%DINO: +31.8% a year, volatility 38.8%PARR: +38.9% a year, volatility 50.6%PAA: +27.0% a year, volatility 25.6%NHC: +32.0% a year, volatility 28.5%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%ASX: +48.8% a year, volatility 43.0%DHT: +38.7% a year, volatility 39.0%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%EPU: +29.5% a year, volatility 24.9%CVESPY (S&P 500)SUMPCVLOIMOPBRXOMINSWDINOPARRPAANHCHWMCAHASXDHTABBVDXJEPU10.0%20.0%30.0%40.0%50.0%60.0%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 CVELLY: +40.7% a year, volatility 32.8%HSBC: +33.1% a year, volatility 25.9%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%PWR: +39.3% a year, volatility 37.2%ESLT: +39.8% a year, volatility 34.6%EME: +43.0% a year, volatility 35.3%BAP: +30.8% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%SBS: +39.1% a year, volatility 37.1%CW: +30.8% a year, volatility 28.7%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%AIT: +28.5% a year, volatility 30.3%SNEX: +33.0% a year, volatility 37.3%USLM: +35.6% a year, volatility 36.1%GE: +36.0% a year, volatility 31.0%BLX: +31.4% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%ODC: +35.9% a year, volatility 36.9%NBN: +28.8% a year, volatility 33.3%SMFG: +33.7% a year, volatility 29.4%SMH: +33.4% a year, volatility 36.9%CIB: +32.9% a year, volatility 32.9%MOG-A: +36.6% a year, volatility 32.0%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%NWG: +27.7% a year, volatility 34.1%RL: +28.6% a year, volatility 36.9%WT: +31.4% a year, volatility 32.8%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%NPO: +28.1% a year, volatility 36.0%NWPX: +32.5% a year, volatility 36.2%HWKN: +29.1% a year, volatility 36.5%TRGP: +41.8% a year, volatility 31.7%VCTR: +28.1% a year, volatility 35.0%CAAP: +35.1% a year, volatility 35.9%ARLP: +29.4% a year, volatility 31.6%AAMI: +29.0% a year, volatility 35.6%AROC: +33.1% a year, volatility 36.4%PRDO: +27.6% a year, volatility 36.1%CVE: +26.5% a year, volatility 39.4%SPY (S&P 500): +12.7% a year, volatility 17.1%SU: +33.1% a year, volatility 32.5%MPC: +51.2% a year, volatility 33.4%VLO: +44.2% a year, volatility 36.9%IMO: +34.3% a year, volatility 32.0%PBR: +50.3% a year, volatility 37.5%XOM: +27.1% a year, volatility 26.5%PSX: +33.2% a year, volatility 32.9%PBR-A: +51.8% a year, volatility 37.5%INSW: +56.5% a year, volatility 40.5%DINO: +31.8% a year, volatility 38.8%PARR: +38.9% a year, volatility 50.6%PAA: +27.0% a year, volatility 25.6%NHC: +32.0% a year, volatility 28.5%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%ASX: +48.8% a year, volatility 43.0%DHT: +38.7% a year, volatility 39.0%ABBV: +26.1% a year, volatility 23.4%DXJ: +26.6% a year, volatility 19.1%EPU: +29.5% a year, volatility 24.9%CVESPY (S&P 500)SUMPCVLOIMOPBRXOMINSWDINOPARRPAAHWMCAHASXDHTDXJEPU
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than CVE?

Investments that beat CVE 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 CVE 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 CVE'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 CVE 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 CVE'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× CVE's volatility counts as better.

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

Screen the whole market against CVE for any period in BetterThanSPYOpen these 21 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 CVE?lower diversifies moreExpenseper year
CVECenovus Energy Inc. · this page
+26.5%39.4%0.80−89.2%+163%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.210.09%
Popular alternativesbest 6 shownThe investments people most often weigh against CVE. 15 of 18 passed at least one test.
SUSuncor Energy Inc. · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.1%32.5%1.05−73.5%+295%0.84—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.68—
VLOValero Energy Corporation · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.74—
IMOImperial Oil Limited · Integrated Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+34.3%32.0%1.09−77.1%+430%0.78—
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+50.3%37.5%1.28−75.3%+674%0.48—
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+27.1%26.5%1.04−61.0%+214%0.77—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Integrated Oil & Gas and Oil & Gas and the categories next to it (Exploration & Production, Oil & Gas Midstream, Oilfield Services), plus CVE's specific themes. 20 of 66 passed at least one test.
PSXPhillips 66 · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+33.2%32.9%1.04−64.2%+430%0.74—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+51.8%37.5%1.31−71.7%+768%0.47—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+56.5%40.5%1.31−57.4%—0.35—
DINOHF Sinclair Corporation · Oil & Gas
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.8%38.8%0.91−77.3%+649%0.62—
PARRPar Pacific Holdings, Inc. · Oil & Gas
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.9%50.6%0.91−76.4%+504%0.58—
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Similar return, lower volatility+27.0%25.6%1.06−87.9%+64.0%0.55—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 859 of 3,549 passed at least one test.
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+32.0%28.5%1.12−35.3%+394%0.04—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+47.3%32.5%1.36−68.9%+1,028%0.14—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+42.1%24.7%1.55−46.1%+349%-0.07—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+48.8%43.0%1.15−52.5%+967%0.02—
DHTDHT Holdings, Inc. · Marine Shipping
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+38.7%39.0%1.04−39.7%+1,050%0.23—
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%0.240.48%
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+29.5%24.9%1.17−51.0%+275%0.280.59%
What these numbers mean for CVE
Annual return
CVE 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 $32,500. 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
CVE's volatility over the past 5 years was 39.4%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVE's return lands within 39.4% 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
CVE's Sharpe ratio over the past 5 years was 0.80, against 0.79 for the S&P 500, so CVE 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
CVE's worst fall from a peak to a low over the past 10 years was 89.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 89.2% fall takes a 829% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, CVE's monthly returns had a correlation of 0.21 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 CVE instead: the lower it is, the more that option would diversify a CVE holding. Guide: Correlation and diversification →
Show all 58 stocks and funds worth at least $500 million that earned more than CVE 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 CVEExpense
1
PSXPhillips 66 · Oil & Gas
Same or nearby category+33.2%32.9%1.04−64.2%+430%0.74—
2
SUSuncor Energy Inc. · Integrated Oil & Gas
Popular alternative+33.1%32.5%1.05−73.5%+295%0.84—
3
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.04—
4
MPCMarathon Petroleum Corporation · Oil & Gas
Popular alternative+51.2%33.4%1.41−79.7%+1,387%0.68—
5
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.14—
6
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%-0.07—
7
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%-0.15—
8
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.30—
9
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.31—
10
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.26—
11
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.02—
12
VLOValero Energy Corporation · Oil & Gas
Popular alternative+44.2%36.9%1.18−71.9%+1,061%0.74—
13
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.20—
14
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.12—
15
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.15—
16
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.09—
17
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.26—
18
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.29—
19
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.35—
20
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%0.22—
21
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.23—
22
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.26—
23
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.15—
24
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.20—
25
SNEXStoneX Group Inc. · Capital Markets
Whole market+33.0%37.3%0.96−48.7%+670%0.17—
26
IMOImperial Oil Limited · Integrated Oil & Gas
Popular alternative+34.3%32.0%1.09−77.1%+430%0.78—
27
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%0.19—
28
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.15—
29
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.22—
30
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.26—
31
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.24—
32
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.27—
33
ODCOil-Dri Corporation of America · Chemicals - Specialty
Whole market+35.9%36.9%1.02−48.9%+460%0.09—
34
NBNNortheast Bank · Banks - Regional
Whole market+28.8%33.3%0.93−70.2%+1,064%0.18—
35
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.17—
36
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.280.59%
37
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+1,665%0.030.35%
38
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.36—
39
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.12—
40
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+395%0.13—
41
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.24—
42
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+495%0.13—
43
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+370%0.09—
44
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.41—
45
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.19—
46
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%0.27—
47
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%—0.25—
48
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—-0.08—
49
NPOEnPro Industries, Inc. · Industrial Machinery
Whole market+28.1%36.0%0.87−65.8%+481%0.21—
50
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%0.19—
51
HWKNHawkins, Inc. · Chemicals - Specialty
Whole market+29.1%36.5%0.89−44.8%+627%0.03—
52
TRGPTarga Resources Corp. · Oil & Gas Midstream
Same or nearby category+41.8%31.7%1.27−90.8%+829%0.43—
53
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.38—
54
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.08—
55
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+29.4%31.6%0.98−85.3%+173%0.41—
56
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.36—
57
AROCArchrock, Inc. · Oilfield Services
Same or nearby category+33.1%36.4%0.97−84.9%+288%0.31—
58
PRDOPerdoceo Education Corporation · Education & Training Services
Whole market+27.6%36.1%0.85−64.3%+403%0.19—

CVE against its popular alternatives

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

How do CVE'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 CVE, which divides the map into what did better or worse on each measure.

Green points earned more than CVE 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%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVE: 26.6% a year, volatility 39.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%IMO: 34.3% a year, volatility 32.0%XOM: 27.1% a year, volatility 26.5%YPF: 60.7% a year, volatility 54.1%CNQ: 26.5% a year, volatility 32.5%EC: 18.0% a year, volatility 37.9%E: 23.0% a year, volatility 25.6%PBA: 13.8% a year, volatility 21.5%EQNR: 19.2% a year, volatility 34.4%CVX: 19.5% a year, volatility 25.2%SHEL: 21.0% a year, volatility 24.8%TTE: 18.0% a year, volatility 25.8%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%BP: 16.0% a year, volatility 28.7%CVESPY (S&P 500)MPCVLOPBRSUIMOXOMYPFCNQECEEQNRCVXSHELTTEENBBP10.0%20.0%30.0%40.0%50.0%60.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityCVE: 26.6% a year, volatility 39.4%SPY (S&P 500): 12.7% a year, volatility 17.1%MPC: 51.2% a year, volatility 33.4%VLO: 44.2% a year, volatility 36.9%PBR: 50.3% a year, volatility 37.5%SU: 33.1% a year, volatility 32.5%IMO: 34.3% a year, volatility 32.0%XOM: 27.1% a year, volatility 26.5%YPF: 60.7% a year, volatility 54.1%CNQ: 26.5% a year, volatility 32.5%EC: 18.0% a year, volatility 37.9%E: 23.0% a year, volatility 25.6%PBA: 13.8% a year, volatility 21.5%EQNR: 19.2% a year, volatility 34.4%CVX: 19.5% a year, volatility 25.2%SHEL: 21.0% a year, volatility 24.8%TTE: 18.0% a year, volatility 25.8%TRP: 10.8% a year, volatility 21.9%ENB: 9.1% a year, volatility 18.9%BP: 16.0% a year, volatility 28.7%CVESPY (S&P 500)MPCVLOPBRSUIMOXOMYPFCNQECEEQNRCVXENBBP
All figures
InvestmentAnnual returnVolatility
YPF YPF Sociedad Anónima+60.7%54.1%
MPC Marathon Petroleum Corporation+51.2%33.4%
PBR Petróleo Brasileiro S.A. - Petrobras+50.3%37.5%
VLO Valero Energy Corporation+44.2%36.9%
IMO Imperial Oil Limited+34.3%32.0%
SU Suncor Energy Inc.+33.1%32.5%
XOM Exxonmobil Holdings Corporation+27.1%26.5%
CVE This pageCenovus Energy Inc.+26.6%39.4%
CNQ Canadian Natural Resources Limited+26.5%32.5%
E Eni S.p.A.+23.0%25.6%
SHEL Shell plc+21.0%24.8%
CVX Chevron Corporation+19.5%25.2%
EQNR Equinor ASA+19.2%34.4%
TTE TotalEnergies SE+18.0%25.8%
EC Ecopetrol S.A.+18.0%37.9%
BP BP p.l.c.+16.0%28.7%
PBA Pembina Pipeline Corporation+13.8%21.5%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
TRP TC Energy Corporation+10.8%21.9%
ENB Enbridge Inc.+9.1%18.9%
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Has CVE consistently beaten its popular alternatives?

This section compares CVE 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 CVE helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than CVE 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
CVE Cenovus Energy Inc. (this page)—+5.1%+18.0%+34.6%+92.4%+101%+76.2%+225%+163%39.4%0.80−89.2%—$61B—
MPC QualifiedMarathon Petroleum Corporation5/5 short3/3 longAll-weather+18.1%+51.1%+123%+191%+159%+234%+690%+1,387%33.4%1.41−79.7%—$133B—
VLO QualifiedValero Energy Corporation5/5 short3/3 longAll-weather+10.2%+38.9%+93.2%+166%+176%+259%+524%+1,061%36.9%1.18−71.9%—$125B—
PBR QualifiedPetróleo Brasileiro S.A. - Petrobras4/5 short3/3 longAll-weather+24.6%+45.4%+31.0%+128%+140%+132%+667%+674%37.5%1.28−75.3%—$166B—
SU QualifiedSuncor Energy Inc.3/5 short3/3 long+16.7%+26.8%+28.9%+75.6%+111%+161%+318%+295%32.5%1.05−73.5%—$93B—
IMO Oil & Gas IntegratedImperial Oil Limited1/5 short3/3 long+7.0%+10.5%+11.0%+53.8%+59.7%+143%+337%+430%32.0%1.09−77.1%—$65B—
YPF Oil & Gas IntegratedYPF Sociedad Anónima0/5 short3/3 long−4.5%+0.7%+23.9%+39.9%+102%+313%+971%+173%54.1%1.14−90.1%—$20B—
CNQ Oil & Gas Exploration & ProductionCanadian Natural Resources Limited2/5 short2/3 long+12.2%+24.4%+27.6%+62.5%+87.7%+90.4%+224%+433%32.5%0.89−77.5%—$112B—
EC Oil & Gas IntegratedEcopetrol S.A.2/5 short2/3 long+5.0%+10.3%+35.7%+81.5%+112%+116%+129%+401%37.9%0.63−73.3%—$36B—
E Oil & Gas IntegratedEni S.p.A.2/5 short2/3 long+10.2%+20.3%+14.6%+56.0%+77.9%+120%+181%+278%25.6%0.94−61.4%—$86B—
XOM Oil & Gas IntegratedExxonmobil Holdings Corporation2/5 short2/3 long+12.4%+20.7%+22.0%+47.9%+62.4%+76.7%+232%+214%26.5%1.04−61.0%—$731B—
PBA Oil & Gas MidstreamPembina Pipeline Corporation1/5 short2/3 long+8.0%−0.1%+20.5%+34.4%+39.3%+91.3%+90.5%+172%21.5%0.71−70.9%—$29B—
EQNR Oil & Gas IntegratedEquinor ASA3/5 short1/3 long+7.7%+23.4%+29.6%+92.7%+107%+73.2%+141%+416%34.4%0.69−66.8%—$109B—
CVX Oil & Gas IntegratedChevron Corporation2/5 short1/3 long+10.8%+20.0%+25.4%+48.8%+51.9%+53.4%+144%+238%25.2%0.84−55.8%—$446B—
SHEL Oil & Gas IntegratedShell plc2/5 short1/3 long+13.2%+23.5%+22.1%+43.7%+50.3%+77.1%+159%+233%24.8%0.90−67.2%—$301B—
TTE Oil & Gas IntegratedTotalEnergies SE0/5 short1/3 long+1.2%+12.8%+5.7%+40.3%+55.2%+60.5%+129%+234%25.8%0.78−59.6%—$201B—
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—
ENB Oil & Gas MidstreamEnbridge Inc.0/5 short1/3 long−0.6%−12.9%−4.6%+5.0%+8.5%+84.0%+54.3%+103%18.9%0.56−44.1%—$107B—
BP Oil & Gas IntegratedBP p.l.c.2/5 short0/3 long+14.4%+19.0%+12.1%+43.0%+56.3%+46.5%+110%+141%28.7%0.66−63.9%—$130B—
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How did CVE do year by year?

This table shows each investment's total return in every full calendar year since 2010, along with where CVE ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with CVE and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: CVE began trading on November 17, 2009, so the table starts with 2010, its first full calendar year, and cannot show how it fared during the dot-com bust or the 2008 financial crisis.

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

InvestmentYears ahead of CVE2025202420232022202120202019201820172016201520142013201220112010
CVE This pageCenovus Energy Inc.—+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%
Rank among alternativesTop quarter in 4 of 1613 of 1914 of 1918 of 195 of 191 of 1916 of 192 of 1916 of 1919 of 1912 of 1915 of 1917 of 1917 of 1912 of 1910 of 183 of 17
SPY S&P 500State Street SPDR S&P 500 ETF10 of 16+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%
MPC Marathon Petroleum Corporation11 of 14+19.2%−4.0%+30.4%+86.6%+61.0%−27.4%+6.0%−8.2%+34.8%+0.7%+17.4%+0.4%+48.6%+94.3%——
VLO Valero Energy Corporation12 of 16+37.0%−2.9%+5.9%+75.0%+40.3%−35.7%+30.3%−15.7%+40.0%+0.7%+46.8%+0.3%+65.0%+66.3%−7.8%+39.6%
PBR Petróleo Brasileiro S.A. - Petrobras6 of 16+2.3%−2.9%+89.6%+55.4%+19.3%−29.0%+24.2%+27.7%+1.8%+135%−41.1%−45.1%−28.3%−20.0%−32.1%−18.1%
SU Suncor Energy Inc.9 of 16+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%
IMO Imperial Oil Limited10 of 16+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%
YPF YPF Sociedad Anónima6 of 16−14.9%+147%+87.1%+141%−18.7%−59.4%−12.9%−41.2%+39.5%+5.8%−40.3%−19.3%+128%−57.4%−24.8%+23.2%
CNQ Canadian Natural Resources Limited8 of 16+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%
EC Ecopetrol S.A.9 of 16+48.5%−24.6%+40.1%−5.0%+0.8%−29.3%+38.7%+13.5%+64.4%+28.9%−55.7%−52.3%−31.5%+41.5%+6.1%+85.1%
E Eni S.p.A.9 of 16+49.0%−13.6%+27.5%+11.0%+44.9%−28.1%+4.8%+0.6%+9.2%+15.9%−8.8%−23.6%+4.8%+26.6%+1.0%−7.2%
XOM Exxonmobil Holdings Corporation11 of 16+16.0%+11.3%−6.3%+87.4%+57.6%−36.2%+7.2%−15.1%−3.8%+19.9%−12.8%−6.0%+20.1%+4.7%+18.7%+10.1%
PBA Pembina Pipeline Corporation9 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%—
EQNR Equinor ASA9 of 16+7.7%−16.0%−0.8%+42.9%+64.6%−13.6%−1.0%+3.4%+23.4%+38.3%−16.6%−22.5%+1.4%+2.1%+12.7%−0.1%
CVX Chevron Corporation10 of 16+10.1%+1.3%−13.6%+58.5%+46.2%−25.9%+15.3%−9.7%+10.6%+36.7%−16.2%−7.0%+19.3%+5.1%+20.3%+22.9%
SHEL Shell plc11 of 16+22.2%−0.9%+20.2%+36.0%+28.4%−37.4%+7.7%−7.5%+31.0%+28.2%−27.1%−1.3%+9.0%−0.9%+14.8%+17.6%
TTE TotalEnergies SE9 of 16+27.6%−14.7%+14.1%+34.9%+26.0%−16.6%+10.3%−0.8%+14.3%+20.0%−7.0%−12.1%+25.0%+8.0%+1.7%−11.3%
TRP TC Energy Corporation12 of 16+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%
ENB Enbridge Inc.12 of 16+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%
BP BP p.l.c.8 of 16+24.5%−11.9%+6.0%+37.0%+36.4%−41.3%+5.9%−4.6%+20.0%+28.8%−12.8%−17.6%+22.8%+2.0%+0.5%−22.7%
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Risk and diversification

How CVE 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 CVE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents CVE's five deepest drawdowns since it began trading in 2009, 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.

Note: CVE began trading on November 17, 2009, so this list cannot include the dot-com bust or the 2008 financial crisis. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringCVE fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−95.0%+112%Jul 2011Mar 20208.7 yearsApr 20266.1 years
No named crash−23.0%+2.7%May 2026Jul 20262 monthsAug 20261 month
2010 flash crash−18.9%−11.0%Apr 2010May 20101 monthOct 20105 months
No named crash−16.6%+0.3%Apr 2011May 20111 monthJul 20112 months
No named crash−13.0%−5.2%Jan 2010Jan 2010Under a monthApr 20103 months

How did CVE do in stock market crashes?

This section measures how far CVE, 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: CVE began trading on November 17, 2009, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. 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 CVE.

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
CVE This pageCenovus Energy Inc.—−7.1%−40.4%−82.3%−37.9%−16.4%−42.5%−26.3%−0.9%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF7 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MPC Marathon Petroleum Corporation5 of 7−3.7%−30.2%−72.4%−36.7%−6.9%−48.2%−39.5%———
VLO Valero Energy Corporation5 of 8−3.5%−31.9%−61.3%−42.0%−6.9%−24.2%−35.6%−4.3%−80.7%−54.1%
PBR Petróleo Brasileiro S.A. - Petrobras4 of 8−7.6%−26.6%−71.2%−26.3%−8.4%−54.9%−37.6%−1.6%−80.1%—
SU Suncor Energy Inc.7 of 8−6.4%−36.6%−65.3%−34.0%−7.0%−34.7%−42.2%−0.2%−79.9%−25.4%
IMO Imperial Oil Limited7 of 8−5.1%−29.7%−67.5%−27.3%−6.9%−29.0%−28.8%0.0%−60.8%−20.8%
YPF YPF Sociedad Anónima4 of 8−17.8%−45.2%−73.5%−27.3%−8.9%−48.7%−22.0%−1.6%−65.2%−75.8%
CNQ Canadian Natural Resources Limited7 of 8−5.8%−32.2%−74.4%−32.1%−11.7%−38.1%−36.9%−0.2%−74.8%—
EC Ecopetrol S.A.4 of 8−8.4%−48.6%−67.3%−44.6%−12.6%−49.1%−15.5%−0.3%——
E Eni S.p.A.7 of 8−2.5%−33.7%−49.7%−23.2%−6.9%−30.6%−25.1%−1.1%−61.8%−22.9%
XOM Exxonmobil Holdings Corporation8 of 8−3.1%−20.5%−47.9%−23.6%−10.0%−15.0%−19.6%−0.3%−33.7%−33.6%
PBA Pembina Pipeline Corporation7 of 7−4.0%−27.4%−70.9%−17.6%−5.8%−34.3%−12.0%———
EQNR Equinor ASA7 of 8−2.8%−24.5%−49.0%−29.1%−4.4%−34.9%−19.9%−1.0%−68.4%—
CVX Chevron Corporation8 of 8−2.6%−24.9%−51.0%−19.6%−5.3%−18.5%−17.2%−0.1%−43.8%−29.5%
SHEL Shell plc7 of 8−3.7%−25.0%−57.0%−19.1%−6.3%−35.9%−19.6%−2.6%−53.7%−36.2%
TTE TotalEnergies SE6 of 8−4.5%−24.6%−49.3%−22.2%−5.4%−21.5%−26.0%−2.1%−50.8%−25.1%
TRP TC Energy Corporation7 of 8−4.0%−30.7%−41.6%−15.3%−5.2%−18.5%−12.8%−0.6%−45.4%−13.7%
ENB Enbridge Inc.8 of 8−1.5%−23.9%−43.4%−13.8%−3.2%−34.6%−13.2%0.0%−40.9%−21.0%
BP BP p.l.c.7 of 8−4.2%−23.9%−55.5%−20.9%−5.0%−22.9%−23.9%−2.5%−53.4%−31.1%
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How closely does CVE 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 CVE 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 CVE's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
CVE This pageCenovus Energy Inc.124%173%0.721.69
PBR Petróleo Brasileiro S.A. - Petrobras104%63%1.660.99
EQNR Equinor ASA79%52%1.510.62
MPC Marathon Petroleum Corporation138%95%1.451.29
SHEL Shell plc60%43%1.400.45
VLO Valero Energy Corporation142%114%1.241.31
TTE TotalEnergies SE69%57%1.220.51
E Eni S.p.A.79%69%1.150.70
IMO Imperial Oil Limited110%105%1.041.18
CNQ Canadian Natural Resources Limited110%109%1.011.13
SU Suncor Energy Inc.90%90%1.000.96
XOM Exxonmobil Holdings Corporation78%83%0.940.76
BP BP p.l.c.58%62%0.940.51
TRP TC Energy Corporation67%73%0.920.72
EC Ecopetrol S.A.127%139%0.911.13
CVX Chevron Corporation86%94%0.910.89
PBA Pembina Pipeline Corporation79%92%0.851.02
ENB Enbridge Inc.60%74%0.820.73
YPF YPF Sociedad Anónima144%206%0.701.58
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What diversifies CVE?

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 CVE's. Because such investments tend not to fall at the same time, pairing CVE 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 CVE lost money. The last two columns show a portfolio that is 80% CVE and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202320202018201720152014201380/20 mix volatility80/20 mix annual return
CVE Cenovus Energy Inc. (this page)1.00+225%0.80−5.9%−12.3%−39.6%−21.6%−38.6%−36.1%−25.3%−11.9%35.3%+28.6%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.47+119%1.48+15.9%+17.4%−9.0%−5.2%+10.0%———29.2%+27.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.24+225%1.34+29.8%+42.0%+3.9%−19.8%+22.8%+7.7%+8.1%+41.3%29.0%+29.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.48+101%1.04+33.4%+8.0%−13.4%−8.7%+1.1%−25.3%+23.8%+16.6%29.8%+26.7%
SMH TechnologyVanEck Semiconductor ETF0.03+323%0.97+39.1%+73.4%+55.5%−9.1%+38.5%−0.3%+30.2%+33.4%29.3%+32.5%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.24+85.0%0.96+13.4%+20.1%+2.1%−9.5%+16.7%+4.1%+3.4%+26.4%28.9%+26.5%
GLD CommoditiesSPDR Gold Shares0.01+126%0.96+26.7%+12.7%+24.8%−1.9%+12.8%−10.7%−2.2%−28.3%28.5%+27.9%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.09+136%0.93+45.8%+17.6%+28.2%−0.9%+27.8%———28.9%+28.6%
DFIV InternationalDimensional - International Value ETF0.44+99.4%0.93+7.2%+17.7%——————29.8%+26.8%

Stocks

InvestmentCorrelation5Y returnSharpe2024202320202018201720152014201380/20 mix volatility80/20 mix annual return
CVE Cenovus Energy Inc. (this page)1.00+225%0.80−5.9%−12.3%−39.6%−21.6%−38.6%−36.1%−25.3%−11.9%35.3%+28.6%
CAH Medical - DistributionCardinal Health, Inc.-0.07+479%1.55+19.0%+34.1%+10.1%−24.5%−12.7%+12.6%+23.0%+66.0%28.3%+32.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.22+3,143%1.47+215%+160%−2.4%−16.3%−11.6%−6.0%+12.9%+27.6%32.9%+45.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,636%1.46+107%+79.6%+6.7%+0.8%+32.1%+67.7%−10.4%+61.7%31.4%+41.5%
MCK Medical - DistributionMcKesson Corporation0.26+413%1.44+23.7%+24.1%+27.1%−28.4%+12.0%−4.5%+29.3%+67.7%29.9%+31.1%
HWM Aerospace & DefenseHowmet Aerospace Inc.0.14+594%1.36+103%+37.8%−7.2%−37.5%+48.4%−36.3%+50.9%+25.6%30.0%+34.4%
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Common questions

What was CVE's worst drawdown?

CVE's deepest decline since it began trading in 2009 was 95.0%, from July 2011 to March 2020. It took about six years from the low to climb back to its old high. Because CVE launched in November 2009, that record does not include the dot-com bust or the 2008 financial crisis.

What were CVE's best and worst years?

Over 16 full calendar years, CVE's best year was 2021, when it returned 105%. Its worst was 2020, with a return of -39.6%.

Is there a better investment than CVE?

Among CVE's popular alternatives, SU, MPC and VLO earned more than CVE with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 26.5% a year at 39.4%. Looking beyond its popular alternatives, PSX (oil & gas) earned more than CVE with less volatility over the past 5 years: 33.2% a year at 32.9% volatility, against 26.5% a year at 39.4%.

Is CVE more volatile than the S&P 500?

Yes. CVE's volatility over the past 5 years was 39.4%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, CVE's return lands within 39.4% 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 CVE's Sharpe ratio?

CVE's Sharpe ratio over the past 5 years was 0.80, against 0.79 for the S&P 500, so CVE 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 CVE with the S&P 500?

Over the past 5 years, CVE's monthly returns had a correlation of 0.21 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 CVE instead: the lower it is, the more that option would diversify a CVE holding.

What are the best alternatives to CVE?

Of the 18 popular alternatives we compared, four outperformed CVE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MPC, VLO and PBR.

Did CVE outperform the S&P 500?

CVE finished ahead of the S&P 500 (SPY) in five of 16 full calendar years. In 2025, it returned +15.8%, against +17.7% for the index.

How did CVE do in stock market crashes?

CVE fell less than the S&P 500 (SPY) in one of the eight major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when CVE fell 82.3% and the S&P 500 fell 33.7%.

What diversifies CVE?

These had a low correlation with CVE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.47), DXJ (correlation 0.24) and EMLP (correlation 0.48); among large stocks, CAH (correlation -0.07), CLS (correlation 0.22) and FIX (correlation 0.21). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to CVE