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

> Source: BetterThanSPY research, https://betterthanspy.com/research/cve
> Data as of October 22, 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 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 22, 2026.

## Key findings

- **Right now:** Over the past 6 months, CVE rose 24.8% against 8.0% for the S&P 500 and 7.8% for the Nasdaq 100. After a 23.0% loss from May 2026 to July 2026, CVE has bounced 22.5% off the low.
- **Stock or market?:** CVE's 11.0% gain over the past 3 months is part of a broader integrated oil & gas rally: the integrated oil & gas ETF XLE (State Street Energy Select Sector SPDR ETF) rose 14.8%, with XOM (Exxonmobil, up 16.1%) and CVX (Chevron, up 18.5%). Its integrated oil & gas peers did not move as one over the past 3 months: SHEL (Shell) rose 21.6%, while EC (Ecopetrol) rose 1.9%.
- **Past 1 to 3 years:** CVE has run far ahead of the market, rising 95.5% over the past year against 15.6% for the S&P 500 and 16.9% for the Nasdaq 100.
- **Long term:** CVE turned $10,000 into $25,500 over the past decade, against $41,600 in the S&P 500. On the flip side, the past 5 years have been the better stretch: CVE rose 211% against 80.3% for the S&P 500, after trailing over the decade.
- **In a crash:** Across five sell-offs, CVE has typically fallen 2.2 times as far as the S&P 500. In the Covid crash, CVE fell 82.3%, against 33.7% for the S&P 500, and more than integrated oil & gas peers such as XOM (Exxonmobil, 47.9%).
- **Diversification:** CVE is a real diversifier: a correlation of 0.21 with the S&P 500 over 5 years and 0.20 with the total US market, less closely than 85% of stocks worth at least $300 million. CVE's link to the S&P 500 has loosened: a correlation of 0.21 over the past 5 years, down from 0.67 in the 5 years before.
- **Better options**
  - **Popular alternatives:** SU (Suncor Energy), MPC (Marathon Petroleum) and PBR (Petróleo Brasileiro S.A. - Petrobras) earned more than CVE with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 25.5% a year at 39.4%.
  - **Nearby categories and themes:** PSX (Phillips 66, oil refining) and PBR-A (Petróleo Brasileiro S.A. - Petrobras, integrated oil & gas) earned more than CVE with less volatility over the past 5 years. PSX returned 32.7% a year at 32.9% volatility, against 25.5% a year at 39.4%.
  - **Whole market:** Few investments have done better on both counts: only 69 of the 3,641 stocks and funds worth at least $500 million earned more than CVE with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), XOM (Exxonmobil) and CAT (Caterpillar).

## 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.

- $10,000 invested in CVE at the end of September 2010 would have grown to $15,865 by September 2026, less than the $88,503 it would have become in SPY, an S&P 500 fund.
- Seven of the eight other investments on the chart ended ahead of CVE, and VLO finished highest, at $409,280.

## 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.

- 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.
- Over 16 full calendar years, CVE's best was 2021, when it returned 105%, and its worst was 2020, when it lost 39.6%. It lost money in eight of those years.
- CVE is 5.6% below its all-time high.

- Type: Stock, Energy (Oil & Gas Integrated)
- Trading since: November 17, 2009
- Market value: $59B
- Volatility (5 years): 39.4%; Sharpe ratio: 0.78
- Worst decline ever: −95.0%, from July 22, 2011 to March 18, 2020; back at its high by April 29, 2026

| Period | CVE total return |
| --- | --- |
| 1 month | +2.2% |
| 3 months | +11.0% |
| 6 months | +24.8% |
| year to date | +85.7% |
| 1 year | +95.5% |
| 3 years | +73.9% |
| 5 years | +211% |
| 10 years | +155% |

## 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.

- CVE's 1-year return ranks in the top 6% of the 3,282 stocks worth at least $300 million with 1 year of history.
- CVE's worst decline of the past 10 years ranks in the bottom 12% of the 2,184 stocks worth at least $300 million, where the top fell the least.

| Measure | CVE | Rank |
| --- | --- | --- |
| 1-year return | +95.5% | 190 of 3,282 (top 6%) |
| 3-year return | +73.9% | 1,233 of 3,016 (top 41%) |
| 5-year return | +211% | 284 of 2,897 (top 10%) |
| 10-year return | +155% | 1,065 of 2,201 (top 49%) |
| Volatility, 5 years | 39.4% | 1,431 of 2,897 (top 50%) |
| Sharpe ratio, 5 years | 0.78 | 316 of 2,897 (top 11%) |
| Worst decline, past 10 years | −89.2% | 1,914 of 2,184 (top 88%) |

### 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).

- 66 stocks and three ETFs worth at least $500 million sit in the green region: each earned more than CVE over the past 5 years with smaller price swings. That is 2% of the 3,641 screened. Few investments beat it on both counts.
- Among those with at least half CVE's swings, CAH has the best return for its risk: 41.7% a year at 24.7% volatility, 37% less than CVE's 39.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.54 against 0.78 for CVE. PBR-A earned the most, 53.5% a year, while still swinging less than CVE (37.4% against 39.4%).
- Among CVE's popular alternatives, MPC, PBR and VLO are in the region. MPC earned 50.0% a year against 25.5% a year for CVE, at 33.4% volatility, 15% less than CVE's 39.4%.

### Is there a better investment than CVE?

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.

- Among CVE's popular alternatives, SU, MPC and PBR earned more than CVE with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 25.5% a year at 39.4%.
- Looking beyond its popular alternatives, PSX (oil refining) and PBR-A (integrated oil & gas) earned more than CVE with less volatility over the past 5 years. PSX returned 32.7% a year at 32.9% volatility, against 25.5% a year at 39.4%.
- Few investments have done better on both counts: only 69 of the 3,641 stocks and funds worth at least $500 million earned more than CVE with less volatility over the past 5 years, among them LLY, XOM and CAT.

The 15 strongest of 69 investments that beat CVE over the past 5 years, out of 3,641 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with CVE | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| CVE: Cenovus Energy Inc. (this page) |  | +25.5% | 39.4% | 0.78 | −89.2% | +155% |  |  |
| [CAH](https://betterthanspy.com/research/cah): Cardinal Health, Inc. | Health Care Distribution | +41.7% | 24.7% | 1.54 | −46.1% | +345% | -0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://betterthanspy.com/research/lly): Eli Lilly and Company | Pharmaceuticals | +41.2% | 32.8% | 1.22 | −34.5% | +1,870% | -0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PSX](https://betterthanspy.com/research/psx): Phillips 66 | Oil Refining | +32.7% | 32.9% | 1.03 | −64.2% | +413% | 0.74 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [SU](https://betterthanspy.com/research/su): Suncor Energy Inc. | Integrated Oil & Gas | +33.1% | 32.5% | 1.05 | −73.5% | +289% | 0.84 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| NHC: National HealthCare Corporation | Health Care Facilities | +31.2% | 28.6% | 1.10 | −35.3% | +385% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [PBR-A](https://betterthanspy.com/research/pbr-a): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +53.5% | 37.4% | 1.34 | −71.7% | +733% | 0.47 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MPC](https://betterthanspy.com/research/mpc): Marathon Petroleum Corporation | Oil Refining | +50.0% | 33.4% | 1.39 | −79.7% | +1,314% | 0.68 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [HWM](https://betterthanspy.com/research/hwm): Howmet Aerospace Inc. | Aerospace Components | +45.1% | 32.7% | 1.31 | −68.9% | +928% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| CIB: Grupo Cibest S.A. | Banks | +33.5% | 32.9% | 1.04 | −70.4% | +351% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [HSBC](https://betterthanspy.com/research/hsbc): HSBC Holdings plc | Banks | +32.8% | 25.9% | 1.23 | −62.3% | +314% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| DXJ: WisdomTree Japan Hedged Equity Fund | Japan Equity | +26.6% | 19.1% | 1.34 | −39.1% | +415% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [CAT](https://betterthanspy.com/research/cat): Caterpillar Inc. | Industrial Machinery | +30.7% | 32.0% | 1.00 | −43.4% | +913% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PBR](https://betterthanspy.com/research/pbr): Petróleo Brasileiro S.A. - Petrobras | Integrated Oil & Gas | +52.4% | 37.4% | 1.32 | −75.3% | +647% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://betterthanspy.com/research/mck): McKesson Corporation | Health Care Distribution | +37.8% | 25.1% | 1.41 | −38.1% | +582% | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [VLO](https://betterthanspy.com/research/vlo): Valero Energy Corporation | Oil Refining | +43.8% | 36.9% | 1.18 | −71.9% | +1,014% | 0.74 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- Seven of the 18 popular alternatives, led by PBR, MPC and VLO, were both more rewarding and calmer than CVE over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, CVE returned 25.5% a year, more than the S&P 500's 12.5%, with higher volatility (39.4% against 17.2%).

### 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.

- Five of the 18 popular alternatives, led by MPC, VLO and PBR, outperformed CVE in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- MPC, VLO and PBR outperformed CVE in every long-term period and in all but one short-term period, the most consistent record in the group.
- MPC, PBR and VLO earned more for the risk they took than CVE (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 CVE | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| CVE: Cenovus Energy Inc. (this page) | +95.5% | +73.9% | +211% | +155% |  |  | 0.78 |
| [MPC](https://betterthanspy.com/research/mpc): Marathon Petroleum Corporation | +148% | +226% | +660% | +1,314% | 5/5 short-term, 3/3 long-term | all-weather | 1.39 |
| [VLO](https://betterthanspy.com/research/vlo): Valero Energy Corporation | +169% | +254% | +515% | +1,014% | 5/5 short-term, 3/3 long-term | all-weather | 1.18 |
| [PBR](https://betterthanspy.com/research/pbr): Petróleo Brasileiro S.A. - Petrobras | +139% | +144% | +721% | +647% | 5/5 short-term, 3/3 long-term | all-weather | 1.32 |
| [SU](https://betterthanspy.com/research/su): Suncor Energy Inc. | +104% | +160% | +318% | +289% | 3/5 short-term, 3/3 long-term | consistent | 1.05 |
| [EQNR](https://betterthanspy.com/research/eqnr): Equinor ASA | +103% | +78.3% | +150% | +422% | 4/5 short-term, 2/3 long-term | consistent | 0.71 |
| [CNQ](https://betterthanspy.com/research/cnq): Canadian Natural Resources Limited | +85.2% | +91.7% | +223% | +431% | 2/5 short-term, 3/3 long-term |  | 0.89 |
| [XOM](https://betterthanspy.com/research/xom): Exxonmobil Holdings Corporation | +59.8% | +79.7% | +236% | +216% | 2/5 short-term, 3/3 long-term |  | 1.05 |
| [IMO](https://betterthanspy.com/research/imo): Imperial Oil Limited | +52.7% | +142% | +327% | +411% | 1/5 short-term, 3/3 long-term |  | 1.07 |
| YPF: YPF Sociedad Anónima | +98.7% | +328% | +1,000% | +164% | 1/5 short-term, 3/3 long-term |  | 1.15 |
| [E](https://betterthanspy.com/research/e): Eni S.p.A. | +76.8% | +122% | +190% | +283% | 2/5 short-term, 2/3 long-term |  | 0.96 |
| [SHEL](https://betterthanspy.com/research/shel): Shell plc | +47.2% | +77.5% | +164% | +236% | 2/5 short-term, 2/3 long-term |  | 0.91 |
| EC: Ecopetrol S.A. | +104% | +112% | +124% | +383% | 1/5 short-term, 2/3 long-term |  | 0.62 |
| PBA: Pembina Pipeline Corporation | +35.2% | +87.2% | +90.7% | +173% | 1/5 short-term, 2/3 long-term |  | 0.71 |
| [TRP](https://betterthanspy.com/research/trp): TC Energy Corporation | +24.8% | +136% | +67.6% | +165% | 1/5 short-term, 2/3 long-term |  | 0.58 |
| [CVX](https://betterthanspy.com/research/cvx): Chevron Corporation | +51.4% | +59.9% | +146% | +243% | 2/5 short-term, 1/3 long-term |  | 0.84 |
| [TTE](https://betterthanspy.com/research/tte): TotalEnergies SE | +53.6% | +61.8% | +137% | +237% | 0/5 short-term, 1/3 long-term |  | 0.80 |
| [ENB](https://betterthanspy.com/research/enb): Enbridge Inc. | +7.6% | +82.7% | +56.0% | +106% | 0/5 short-term, 1/3 long-term |  | 0.57 |
| [BP](https://betterthanspy.com/research/bp): BP p.l.c. | +53.3% | +51.1% | +118% | +145% | 2/5 short-term, 0/3 long-term |  | 0.69 |

### 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.

- CVE finished ahead of the S&P 500 in five of its 16 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, MPC came out ahead of CVE most often, in 11 of the 14 years both traded.
- Ranked against its popular alternatives each year, CVE finished in the top quarter in four of 16 years and in the bottom quarter in six. In 2025, it ranked 13 of 19.

| Year | CVE | SPY |
| --- | --- | --- |
| 2025 | +15.8% | +17.7% |
| 2024 | −5.9% | +24.9% |
| 2023 | −12.3% | +26.2% |
| 2022 | +61.1% | −18.2% |
| 2021 | +105% | +28.7% |
| 2020 | −39.6% | +18.3% |
| 2019 | +47.2% | +31.2% |
| 2018 | −21.6% | −4.6% |
| 2017 | −38.6% | +21.7% |
| 2016 | +21.1% | +12.0% |

## 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.

- In all five of CVE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: CVE fell 95.0% from July 2011 to March 2020, while the S&P 500 rose 112%.
- The slowest recovery came after CVE fell 95.0% from July 2011 to March 2020; it did not regain that peak until April 2026, six years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −95.0% | July 22, 2011 | March 18, 2020 | April 29, 2026 | +112% | 2015 China and oil sell-off |
| −23.0% | May 19, 2026 | July 6, 2026 | August 17, 2026 | +2.7% |  |
| −18.9% | April 14, 2010 | May 25, 2010 | October 13, 2010 | −11.0% | 2010 flash crash |
| −16.6% | April 8, 2011 | May 16, 2011 | July 22, 2011 | +0.3% |  |
| −13.0% | January 4, 2010 | January 29, 2010 | April 1, 2010 | −5.2% |  |

### 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.

- CVE fell further than the S&P 500 in seven of the eight crashes it has traded through. The clearest case was the Covid crash, when CVE fell 82.3% and the S&P 500 fell 33.7%.
- Among its popular alternatives, XOM held up best, falling less than CVE in all eight crashes they both traded through.
- CVE began trading after the 2008 financial crisis, but 15 of its popular alternatives lived through it. The mildest fall among them was XOM's 33.7%, against 55.2% for the S&P 500.

| Crash | Dates | CVE 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 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.9% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −26.3% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −42.5% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −16.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −37.9% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −82.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −40.4% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −7.1% | −3.4% |

### 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.

- 17 of the 18 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than CVE's 0.72, led by PBR, EQNR and MPC.
- PBR took just 63% of the S&P 500's losses, against 173% for CVE, while still keeping 104% of its gains.
- Over the past 10 years, CVE captured 124% of the S&P 500's gains in rising months and 173% of its losses in falling months, with a beta of 1.69. 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 |
| --- | --- | --- | --- |
| CVE: Cenovus Energy Inc. (this page) | 124% | 173% | 1.69 |
| [MPC](https://betterthanspy.com/research/mpc): Marathon Petroleum Corporation | 138% | 95.0% | 1.29 |
| [VLO](https://betterthanspy.com/research/vlo): Valero Energy Corporation | 142% | 114% | 1.31 |
| [PBR](https://betterthanspy.com/research/pbr): Petróleo Brasileiro S.A. - Petrobras | 104% | 63.0% | 0.99 |
| [SU](https://betterthanspy.com/research/su): Suncor Energy Inc. | 90.0% | 90.0% | 0.96 |
| [EQNR](https://betterthanspy.com/research/eqnr): Equinor ASA | 79.0% | 52.0% | 0.62 |
| [CNQ](https://betterthanspy.com/research/cnq): Canadian Natural Resources Limited | 110% | 109% | 1.13 |
| [XOM](https://betterthanspy.com/research/xom): Exxonmobil Holdings Corporation | 78.0% | 83.0% | 0.76 |
| [IMO](https://betterthanspy.com/research/imo): Imperial Oil Limited | 110% | 105% | 1.18 |
| YPF: YPF Sociedad Anónima | 144% | 206% | 1.58 |
| [E](https://betterthanspy.com/research/e): Eni S.p.A. | 79.0% | 69.0% | 0.70 |
| [SHEL](https://betterthanspy.com/research/shel): Shell plc | 60.0% | 43.0% | 0.45 |
| EC: Ecopetrol S.A. | 127% | 139% | 1.13 |
| PBA: Pembina Pipeline Corporation | 79.0% | 92.0% | 1.02 |
| [TRP](https://betterthanspy.com/research/trp): TC Energy Corporation | 67.0% | 73.0% | 0.72 |
| [CVX](https://betterthanspy.com/research/cvx): Chevron Corporation | 86.0% | 94.0% | 0.89 |
| [TTE](https://betterthanspy.com/research/tte): TotalEnergies SE | 69.0% | 57.0% | 0.51 |
| [ENB](https://betterthanspy.com/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| [BP](https://betterthanspy.com/research/bp): BP p.l.c. | 58.0% | 62.0% | 0.51 |

### 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).

- Moving a fifth of the money in CVE into CAH would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+28.6% for CVE alone, +32.3% for the mix).
- FIX made money in seven of the eight calendar years in which CVE lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of CVE over the past 5 years, with correlations of 0.48 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with CVE | 5Y return | Volatility | Sharpe | Rose in CVE's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.47 | +119% | 11.1% | 1.48 | 3 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.24 | +225% | 19.1% | 1.34 | 7 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.48 | +103% | 14.5% | 1.06 | 5 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.24 | +83.6% | 13.8% | 0.95 | 7 of 8 |
| [SMH](https://betterthanspy.com/research/smh): VanEck Semiconductor ETF | 0.03 | +304% | 37.0% | 0.94 | 6 of 8 |
| [GLD](https://betterthanspy.com/research/gld): SPDR Gold Shares | 0.01 | +120% | 19.0% | 0.93 | 4 of 8 |
| DFIV: Dimensional - International Value ETF | 0.44 | +99.4% | 16.4% | 0.93 | 2 of 8 |
| [VTV](https://betterthanspy.com/research/vtv): Vanguard Morningstar Value ETF | 0.40 | +78.0% | 13.7% | 0.91 | 6 of 8 |

## 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 PBR earned more than CVE with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 25.5% a year at 39.4%. Looking beyond its popular alternatives, PSX (oil refining) and PBR-A (integrated oil & gas) earned more than CVE with less volatility over the past 5 years. PSX returned 32.7% a year at 32.9% volatility, against 25.5% 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 17.2%. 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 0.78, against 0.78 for the S&P 500, so CVE earned less 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, five 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 MCK (correlation 0.26). A correlation near zero means the two have moved largely independently.

## More research

- [Marathon Petroleum (MPC) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/mpc)
- [Valero Energy (VLO) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/vlo)
- [Petróleo Brasileiro S.A. - Petrobras (PBR) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/pbr)
- [Suncor Energy (SU) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/su)
- [Equinor ASA (EQNR) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/eqnr)
- [Canadian Natural Resources (CNQ) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/cnq)
- [Exxonmobil (XOM) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/xom)
- [Imperial Oil (IMO) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/imo)
- [Eni S.p.A. (E) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/e)
- [Shell (SHEL) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/shel)
- [TC Energy (TRP) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/trp)
- [Chevron (CVX) Performance, Alternatives and Market Rank](https://betterthanspy.com/research/cvx)

## Explore further

- Full page with charts: https://betterthanspy.com/research/cve
- All research pages: https://betterthanspy.com/llms.txt
- Compare the entire market against CVE live: https://betterthanspy.com/?b=CVE