DAL vs EQNR: Correlation
How closely do Delta Air Lines (DAL) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DAL and EQNR?
Over the past 3 years, DAL and EQNR moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.21). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -259.9 %².
Within DAL's tracked universe of 33 assets, EQNR comes in at #26 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 43.3 percentage points (+33.9% for DAL 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.
DAL vs EQNR: side by side
| DAL (Delta Air Lines) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +33.9% | +77.2% |
| 5-year return | +110.6% | +180.6% |
| Volatility (ann.) | 37.1% | 33.2% |
| Beta vs S&P 500 | 1.17 | -0.25 |
| Max drawdown (3Y) | -47.9% | -27.6% |
| Market cap | – | $98.6B |
| P/E (trailing) | 13.8 | 11.2 |
| Dividend yield | 0.94% | 3.73% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | DAL | EQNR |
|---|---|---|
| 2022 | -15.9% | +42.8% |
| 2023 | +23.0% | -0.8% |
| 2024 | +52.0% | -16.0% |
| 2025 | +16.1% | +6.1% |
| 2026 | +17.8% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DAL and EQNR good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between DAL and EQNR?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.40 over the last year and -0.01 over 5 years.
Is EQNR a good diversifier for DAL?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/dal-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dal-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DAL correlations · EQNR correlations
