ALK vs EQNR: Correlation
How closely do Alaska Air Group, Inc. (ALK) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of -0.33, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALK and EQNR?
Across a 3-year window, the weekly returns of ALK and EQNR correlate at -0.33, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.54) than the 3-year average (-0.33). Stretching to 5 years gives -0.11, with an annualized covariance of -497.7 %².
Out of 13 assets tracked against ALK, EQNR lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 109.0 percentage points (-31.8% for ALK 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.
ALK vs EQNR: side by side
| ALK (Alaska Air Group, Inc.) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | -31.8% | +77.2% |
| 5-year return | -25.6% | +180.6% |
| Volatility (ann.) | 45.5% | 33.2% |
| Beta vs S&P 500 | 1.01 | -0.25 |
| Max drawdown (3Y) | -55.4% | -27.6% |
| Market cap | $4.7B | $98.6B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALK | EQNR |
|---|---|---|
| 2022 | -17.6% | +42.8% |
| 2023 | -9.0% | -0.8% |
| 2024 | +65.7% | -16.0% |
| 2025 | -22.3% | +6.1% |
| 2026 | -16.1% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALK and EQNR good diversifiers for each other?
Yes. With a correlation of -0.33, ALK and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ALK and EQNR?
Using weekly returns as of 2026-08-27: -0.33 over 3 years, with -0.54 over the last year and -0.11 over 5 years.
Is EQNR a good diversifier for ALK?
Yes. With a correlation of -0.33, ALK and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.33 mean?
On the −1 to +1 scale, -0.33 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/alk-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alk-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ALK correlations · EQNR correlations
