Canadian Natural Resources Limited (CNQ) — Stock Correlations & Overview
Over the past year, CNQ has moved most closely with CVE, IXC, OILT. Explore the stocks most correlated and inversely correlated with CNQ below, along with its price, financials, and company profile.
Stocks correlated with CNQ
Correlation of daily returns. Higher positive values move with CNQ; negative values move opposite it. Informational only, not investment advice.
Most correlated with CNQ
| Symbol | Company | Correlation |
|---|---|---|
| CVE | Cenovus Energy Inc. | 0.84 |
| IXC | iShares Global Energy ETF | 0.81 |
| OILT | Texas Capital Texas Oil Index ETF | 0.81 |
| FCG | First Trust Natural Gas ETF | 0.80 |
| SU | Suncor Energy, Inc. | 0.79 |
Most inversely correlated with CNQ
| Symbol | Company | Correlation |
|---|---|---|
| DRIP | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF | -0.78 |
| WTID | MicroSectors Energy -3x Inverse Leveraged ETNsCOMMERCIAL BANKS, NEC | -0.77 |
| NRGD | MicroSectors U.S. Big Oil -3x Inverse Leveraged ETNs due February 17, 2045COMMERCIAL BANKS, NEC | -0.76 |
| OILD | MicroSectors Oil & Gas Exp. & Prod. -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.76 |
| DUG | ProShares UltraShort Energy | -0.74 |
Frequently asked questions about CNQ correlations
- Which stocks are most correlated with CNQ?
- Based on one year of daily returns, the stocks most correlated with Canadian Natural Resources Limited (CNQ) are CVE (0.84), IXC (0.81) and OILT (0.81). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with CNQ?
- Over the past year, the stocks most inversely correlated with Canadian Natural Resources Limited (CNQ) are DRIP (-0.78), WTID (-0.77) and NRGD (-0.76). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these CNQ correlations calculated?
- We compute the correlation of daily returns between CNQ and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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