BKR vs OII: Correlation
How closely do Baker Hughes (BKR) and Oceaneering International, Inc. (OII) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKR and OII?
Over the past 3 years, BKR and OII moved with a correlation of 0.64, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.43 versus 0.64 over 3 years. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 890.4 %².
Among the 30 assets we track against BKR, OII ranks #11 by 3-year correlation. The last year tells two different stories: OII led by 69.0 percentage points, +40.9% for BKR against +109.9% for OII.
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 OII: side by side
| BKR (Baker Hughes) | OII (Oceaneering International, Inc.) | |
|---|---|---|
| 1-year return | +40.9% | +109.9% |
| 5-year return | +205.5% | +316.7% |
| Volatility (ann.) | 32.2% | 43.5% |
| Beta vs S&P 500 | 0.61 | 0.81 |
| Max drawdown (3Y) | -28.0% | -47.8% |
| Market cap | $61.7B | $5.1B |
| P/E (trailing) | 19.9 | 14.8 |
| Dividend yield | 1.48% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | BKR | OII |
|---|---|---|
| 2022 | +26.0% | +54.6% |
| 2023 | +18.6% | +21.7% |
| 2024 | +23.1% | +22.6% |
| 2025 | +13.4% | -7.9% |
| 2026 | +37.9% | +113.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKR and OII good diversifiers for each other?
Only partially. A correlation of 0.64 means BKR and OII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BKR and OII?
Using weekly returns as of 2026-08-27: 0.64 over 3 years, with 0.43 over the last year and 0.66 over 5 years.
Is OII a good diversifier for BKR?
Only partially. A correlation of 0.64 means BKR and OII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
A reading of 0.64 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BKR correlations · OII correlations
