AVY vs EQNR: Correlation
How closely do Avery Dennison (AVY) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of -0.18, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AVY and EQNR?
On 3 years of weekly data the AVY/EQNR correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.28 versus -0.18 over 3 years. The 5-year figure is -0.02, and annualized covariance runs at -117.2 %².
Within AVY's tracked universe of 38 assets, EQNR comes in at #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 71.9 percentage points (+5.3% for AVY against +77.2% for EQNR). Risk is not evenly split, since EQNR carries 1.6 times the volatility of the other side.
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.
AVY vs EQNR: side by side
| AVY (Avery Dennison) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +5.3% | +77.2% |
| 5-year return | -14.0% | +180.6% |
| Volatility (ann.) | 20.2% | 33.2% |
| Beta vs S&P 500 | 0.61 | -0.25 |
| Max drawdown (3Y) | -30.6% | -27.6% |
| Market cap | $13.5B | $98.6B |
| P/E (trailing) | 20.0 | 11.2 |
| Dividend yield | 2.10% | 3.73% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | AVY | EQNR |
|---|---|---|
| 2022 | -15.1% | +42.8% |
| 2023 | +13.7% | -0.8% |
| 2024 | -5.9% | -16.0% |
| 2025 | -0.7% | +6.1% |
| 2026 | -0.8% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AVY and EQNR good diversifiers for each other?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AVY and EQNR?
As of 2026-08-27, the correlation of weekly returns between AVY and EQNR is -0.18 over 3 years, -0.28 over 1 year and -0.02 over 5 years.
Is EQNR a good diversifier for AVY?
Yes: at -0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.18 mean?
On the −1 to +1 scale, -0.18 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/avy-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/avy-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AVY correlations · EQNR correlations
