CCL vs EQNR: Correlation
How closely do Carnival Corporation (CCL) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and EQNR?
Across a 3-year window, the weekly returns of CCL and EQNR correlate at -0.23, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.42) runs below the 3-year figure (-0.23). Stretching to 5 years gives -0.05, with an annualized covariance of -357.0 %².
By 3-year correlation, EQNR places #33 of the 40 assets tracked against CCL. Correlation aside, the last 12 months split them widely, with EQNR ahead by 98.8 points (-21.6% versus +77.2%).
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.
CCL vs EQNR: side by side
| CCL (Carnival Corporation) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | -21.6% | +77.2% |
| 5-year return | +7.3% | +180.6% |
| Volatility (ann.) | 46.5% | 33.2% |
| Beta vs S&P 500 | 1.72 | -0.25 |
| Max drawdown (3Y) | -42.3% | -27.6% |
| Market cap | $34.2B | $98.6B |
| P/E (trailing) | 11.5 | 11.2 |
| Dividend yield | 1.17% | 3.73% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | CCL | EQNR |
|---|---|---|
| 2022 | -59.9% | +42.8% |
| 2023 | +130.0% | -0.8% |
| 2024 | +34.4% | -16.0% |
| 2025 | +22.6% | +6.1% |
| 2026 | -17.0% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and EQNR good diversifiers for each other?
Yes. With a correlation of -0.23, CCL and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CCL and EQNR?
The CCL/EQNR correlation stands at -0.23 on a 3-year window (1 year: -0.42, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is EQNR a good diversifier for CCL?
Yes. With a correlation of -0.23, CCL and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ccl-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccl-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CCL correlations · EQNR correlations
