BATL vs EEM: Correlation
How closely do Battalion Oil Corporation (BATL) and iShares MSCI Emerging Markets ETF (EEM) 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 BATL and EEM?
Over the past 3 years, BATL and EEM moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.37) runs below the 3-year figure (-0.18). Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -814.6 %².
Among the 44 assets we track against BATL, EEM ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EEM ahead by 25.4 points (+12.7% versus +38.1%). Risk is not evenly split, since BATL carries 14.0 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.
BATL vs EEM: side by side
| BATL (Battalion Oil Corporation) | EEM (iShares MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +12.7% | +38.1% |
| 5-year return | -87.1% | +47.1% |
| Volatility (ann.) | 252.0% | 18.0% |
| Beta vs S&P 500 | -0.19 | 0.85 |
| Max drawdown (3Y) | -95.8% | -17.3% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.73% |
| Expense ratio | – | 0.72% |
| Assets under management | – | $29.2B |
| Sector / category | US Listed | ETF · International |
EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | BATL | EEM |
|---|---|---|
| 2022 | -0.9% | -20.6% |
| 2023 | -1.0% | +8.9% |
| 2024 | -82.1% | +6.5% |
| 2025 | -34.3% | +34.0% |
| 2026 | +17.7% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and EEM good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATL and EEM?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.37 over the last year and -0.08 over 5 years.
Is EEM a good diversifier for BATL?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
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.
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Related comparisons
Hubs: BATL correlations · EEM correlations
