BKR vs NBR: Correlation
Measured on weekly returns over the past three years, Baker Hughes (BKR) and Nabors Industries Ltd. (NBR) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and NBR?
Over the past 3 years, BKR and NBR moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 1309.5 %².
Among the 30 assets we track against BKR, NBR ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NBR ahead by 112.4 points (+40.9% versus +153.3%). Risk is not evenly split, since NBR carries 2.0 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.
BKR vs NBR: side by side
| BKR (Baker Hughes) | NBR (Nabors Industries Ltd.) | |
|---|---|---|
| 1-year return | +40.9% | +153.3% |
| 5-year return | +205.5% | +10.3% |
| Volatility (ann.) | 32.2% | 65.2% |
| Beta vs S&P 500 | 0.61 | 0.88 |
| Max drawdown (3Y) | -28.0% | -82.2% |
| Market cap | $61.7B | $1.4B |
| P/E (trailing) | 19.9 | 5.9 |
| Dividend yield | 1.48% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | BKR | NBR |
|---|---|---|
| 2022 | +26.0% | +91.0% |
| 2023 | +18.6% | -47.3% |
| 2024 | +23.1% | -30.0% |
| 2025 | +13.4% | -5.0% |
| 2026 | +37.9% | +68.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and NBR good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BKR and NBR?
The BKR/NBR correlation stands at 0.62 on a 3-year window (1 year: 0.55, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is NBR a good diversifier for BKR?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 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/bkr-vs-nbr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkr-vs-nbr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BKR correlations · NBR correlations
