CF vs EQNR: Correlation
CF Industries (CF) and Equinor ASA (EQNR) show a strong relationship: their 3-year correlation of weekly returns is 0.61.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and EQNR?
Over the past 3 years, CF and EQNR moved with a correlation of 0.61, which is strong. Recent behaviour matches the longer record: 0.67 over 1 year against 0.61 over 3. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 658.3 %².
In CF's tracked universe of 50 assets, EQNR sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 28.6 percentage points (+48.6% for CF against +77.2% for EQNR).
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.
CF vs EQNR: side by side
| CF (CF Industries) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +48.6% | +77.2% |
| 5-year return | +211.5% | +180.6% |
| Volatility (ann.) | 32.8% | 33.2% |
| Beta vs S&P 500 | -0.20 | -0.25 |
| Max drawdown (3Y) | -29.2% | -27.6% |
| Market cap | $19.0B | $98.6B |
| P/E (trailing) | 9.3 | 11.2 |
| Dividend yield | 1.59% | 3.73% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | CF | EQNR |
|---|---|---|
| 2022 | +22.3% | +42.8% |
| 2023 | -4.7% | -0.8% |
| 2024 | +10.1% | -16.0% |
| 2025 | -7.2% | +6.1% |
| 2026 | +64.9% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and EQNR good diversifiers for each other?
Only partially. A correlation of 0.61 means CF and EQNR 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 CF and EQNR?
The CF/EQNR correlation stands at 0.61 on a 3-year window (1 year: 0.67, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is EQNR a good diversifier for CF?
Only partially. A correlation of 0.61 means CF and EQNR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/cf-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CF correlations · EQNR correlations
