AAL vs EQNR: Correlation
American Airlines Group, Inc. (AAL) and Equinor ASA (EQNR) show a negative relationship: their 3-year correlation of weekly returns is -0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAL and EQNR?
On 3 years of weekly data the AAL/EQNR correlation comes out at -0.35, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.55) than the 3-year average (-0.35). The 5-year figure is -0.14, and annualized covariance runs at -526.6 %².
EQNR is close to the least connected end of AAL's tracked universe, ranking #19 of 22. The last year tells two different stories: EQNR led by 72.7 percentage points, +4.5% for AAL against +77.2% for EQNR.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AAL vs EQNR: side by side
| AAL (American Airlines Group, Inc.) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +4.5% | +77.2% |
| 5-year return | -29.7% | +180.6% |
| Volatility (ann.) | 45.3% | 33.2% |
| Beta vs S&P 500 | 1.29 | -0.25 |
| Max drawdown (3Y) | -51.4% | -27.6% |
| Market cap | $9.1B | $98.6B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AAL | EQNR |
|---|---|---|
| 2022 | -29.2% | +42.8% |
| 2023 | +8.0% | -0.8% |
| 2024 | +26.9% | -16.0% |
| 2025 | -12.0% | +6.1% |
| 2026 | -10.5% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAL and EQNR good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between AAL and EQNR?
The AAL/EQNR correlation stands at -0.35 on a 3-year window (1 year: -0.55, 5 years: -0.14), computed from weekly returns as of 2026-08-27.
Is EQNR a good diversifier for AAL?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aal-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aal-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAL correlations · EQNR correlations
