BKR vs NOV: Correlation
How closely do Baker Hughes (BKR) and NOV Inc. (NOV) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and NOV?
Over the past 3 years, BKR and NOV moved with a correlation of 0.70, which is strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.70 over 3. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 805.1 %².
NOV is one of the assets that tracks BKR most closely: it ranks #2 out of the 30 assets we track against BKR. Their recent paths diverged sharply: over the last 12 months NOV outperformed by 21.3 percentage points (+40.9% for BKR against +62.2% for NOV).
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 NOV: side by side
| BKR (Baker Hughes) | NOV (NOV Inc.) | |
|---|---|---|
| 1-year return | +40.9% | +62.2% |
| 5-year return | +205.5% | +71.8% |
| Volatility (ann.) | 32.2% | 35.6% |
| Beta vs S&P 500 | 0.61 | 0.61 |
| Max drawdown (3Y) | -28.0% | -47.2% |
| Market cap | $61.7B | $7.4B |
| P/E (trailing) | 19.9 | 74.1 |
| Dividend yield | 1.48% | 1.63% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | BKR | NOV |
|---|---|---|
| 2022 | +26.0% | +55.7% |
| 2023 | +18.6% | -1.8% |
| 2024 | +23.1% | -26.8% |
| 2025 | +13.4% | +11.3% |
| 2026 | +37.9% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and NOV good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BKR and NOV?
As of 2026-08-27, the correlation of weekly returns between BKR and NOV is 0.70 over 3 years, 0.61 over 1 year and 0.73 over 5 years.
Is NOV a good diversifier for BKR?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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: BKR correlations · NOV correlations
