AGRO vs EQNR: Correlation
Adecoagro S.A. (AGRO) and Equinor ASA (EQNR) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGRO and EQNR?
On 3 years of weekly data the AGRO/EQNR correlation comes out at 0.46, moderate. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.46). The 5-year figure is 0.39, and annualized covariance runs at 629.9 %².
In AGRO's tracked universe of 36 assets, EQNR sits right near the top at #1. Correlation aside, the last 12 months split them widely, with EQNR ahead by 49.1 points (+28.1% versus +77.2%).
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.
AGRO vs EQNR: side by side
| AGRO (Adecoagro S.A.) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +28.1% | +77.2% |
| 5-year return | +29.1% | +180.6% |
| Volatility (ann.) | 41.7% | 33.2% |
| Beta vs S&P 500 | -0.27 | -0.25 |
| Max drawdown (3Y) | -41.3% | -27.6% |
| Market cap | $1.5B | $98.6B |
| P/E (trailing) | 28.9 | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGRO | EQNR |
|---|---|---|
| 2022 | +11.5% | +42.8% |
| 2023 | +38.6% | -0.8% |
| 2024 | -12.4% | -16.0% |
| 2025 | -14.3% | +6.1% |
| 2026 | +36.0% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGRO and EQNR good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AGRO and EQNR?
As of 2026-08-27, the correlation of weekly returns between AGRO and EQNR is 0.46 over 3 years, 0.58 over 1 year and 0.39 over 5 years.
Is EQNR a good diversifier for AGRO?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agro-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/agro-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AGRO correlations · EQNR correlations
