Cenovus Energy Correlations

CVE Stock

USD 15.77 0.06 0.38%

The current 90-days correlation between Cenovus Energy and Equinor ASA ADR is 0.63 (i.e., Poor diversification). The correlation of Cenovus Energy is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Cenovus Energy Correlation With Market

Average diversification

The correlation between Cenovus Energy and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Cenovus Energy and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Cenovus Energy. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in real.

For information on how to trade Cenovus Stock refer to our How to Trade Cenovus Stock guide.

Moving together with Cenovus Stock

0.88	E	Eni SpA ADR	Pair Corr
0.86	BP	BP PLC ADR	Pair Corr
0.7	EC	Ecopetrol SA ADR Sell-off Trend	Pair Corr
0.75	EQNR	Equinor ASA ADR	Pair Corr
0.64	PBR	Petroleo Brasileiro	Pair Corr
0.81	TTE	TotalEnergies SE ADR	Pair Corr
0.79	SHEL	Shell PLC ADR Sell-off Trend	Pair Corr
0.73	DINO	HF Sinclair Corp	Pair Corr
0.74	SD	SandRidge Energy	Pair Corr

Moving against Cenovus Stock

0.68	TGS	Transportadora de Gas	Pair Corr
0.61	YPF	YPF Sociedad Anonima	Pair Corr
0.6	LB	LandBridge Company	Pair Corr
0.55	AE	Adams Resources Energy	Pair Corr
0.55	ET	Energy Transfer LP Aggressive Push	Pair Corr
0.53	EE	Excelerate Energy	Pair Corr
0.4	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.4	SLNG	Stabilis Solutions	Pair Corr
0.38	NFG	National Fuel Gas	Pair Corr
0.36	CGBSW	Crown LNG Holdings	Pair Corr
0.34	EP	Empire Petroleum Corp	Pair Corr
0.33	CGBS	Crown LNG Holdings	Pair Corr
0.32	AR	Antero Resources Corp Potential Growth	Pair Corr
0.66	ENLC	EnLink Midstream LLC	Pair Corr
0.55	TS	Tenaris SA ADR	Pair Corr
0.54	IMPPP	Imperial Petroleum	Pair Corr
0.51	EFXT	Enerflex	Pair Corr
0.51	BKR	Baker Hughes Fiscal Year End 28th of January 2025	Pair Corr
0.49	DMLP	Dorchester Minerals	Pair Corr
0.44	DLNG	Dynagas LNG Partners	Pair Corr
0.4	DNOW	Now Inc	Pair Corr
0.32	VNOM	Viper Energy Ut	Pair Corr

Related Correlations Analysis

	SHEL	BP	EQNR	PBR-A	YPF
SHEL		0.78	0.53	0.52	-0.44	SHEL
BP	0.78		0.77	0.72	-0.66	BP
EQNR	0.53	0.77		0.79	-0.31	EQNR
PBR-A	0.52	0.72	0.79		-0.19	PBR-A
YPF	-0.44	-0.66	-0.31	-0.19		YPF
	SHEL	BP	EQNR	PBR-A	YPF

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

PBR-A	+ 0.79	EQNR
BP	+ 0.78	SHEL
EQNR	+ 0.77	BP
PBR-A	+ 0.72	BP
EQNR	+ 0.53	SHEL
PBR-A	+ 0.52	SHEL

High negative correlations

YPF	- 0.66	BP
YPF	- 0.44	SHEL
YPF	- 0.31	EQNR
YPF	- 0.19	PBR-A

Risk-Adjusted Indicators

There is a big difference between Cenovus Stock performing well and Cenovus Energy Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Cenovus Energy's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SHEL	0.97	(0.17)	0.00	(0.69)	0.00	0.00	1.42	(2.79)	5.88
BP	1.19	(0.26)	0.00	(0.48)	0.00	0.00	1.68	(3.34)	7.70
EQNR	1.54	(0.11)	0.00	0.89	0.00	0.00	3.30	(4.50)	8.46
PBR-A	1.18	(0.18)	0.00	(0.41)	0.00	0.00	2.27	(2.81)	6.67
YPF	2.12	0.85	0.50	1.12	1.09	(2.83)	5.61	(2.51)	10.08

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC