DIA vs EQNR: Correlation
Measured on weekly returns over the past three years, SPDR Dow Jones Industrial Average ETF (DIA) and Equinor ASA (EQNR) carry a correlation of -0.16, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DIA and EQNR?
Over the past 3 years, DIA and EQNR moved with a correlation of -0.16, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.44 versus -0.16 over 3 years. Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is -67.6 %².
By 3-year correlation, EQNR places #109 of the 116 assets tracked against DIA. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 58.0 percentage points (+19.2% for DIA against +77.2% for EQNR). Risk is not evenly split, since EQNR carries 2.6 times the volatility of the other side.
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.
DIA vs EQNR: side by side
| DIA (SPDR Dow Jones Industrial Average ETF) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +19.2% | +77.2% |
| 5-year return | +64.8% | +180.6% |
| Volatility (ann.) | 13.0% | 33.2% |
| Beta vs S&P 500 | 0.79 | -0.25 |
| Max drawdown (3Y) | -16.0% | -27.6% |
| Market cap | – | $98.6B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 1.37% | 3.73% |
| Expense ratio | 0.16% | – |
| Assets under management | $45.2B | – |
| Sector / category | ETF · US Large Cap | US Listed |
DIA, State Street Investment Management's Large Value fund, carries $45.2B under management, 30 holdings, a 0.16% expense ratio, a 1.37% trailing dividend yield.
Year-by-year returns
| Year | DIA | EQNR |
|---|---|---|
| 2022 | -7.0% | +42.8% |
| 2023 | +16.0% | -0.8% |
| 2024 | +14.8% | -16.0% |
| 2025 | +14.7% | +6.1% |
| 2026 | +12.3% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DIA and EQNR good diversifiers for each other?
Yes. With a correlation of -0.16, DIA and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DIA and EQNR?
As of 2026-08-27, the correlation of weekly returns between DIA and EQNR is -0.16 over 3 years, -0.44 over 1 year and 0.07 over 5 years.
Is EQNR a good diversifier for DIA?
Yes. With a correlation of -0.16, DIA and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.16 mean?
On the −1 to +1 scale, -0.16 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/dia-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/dia-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DIA correlations · EQNR correlations
