E vs EQNR: Correlation
How closely do ENI S.p.A. (E) and Equinor ASA (EQNR) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are E and EQNR?
Over the past 3 years, E and EQNR moved with a correlation of 0.71, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.82 versus 0.71 over 3 years. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 526.8 %².
In E's tracked universe of 11 assets, EQNR sits right near the top at #3. The last year tells two different stories: EQNR led by 23.9 percentage points, +53.3% for E 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.
E vs EQNR: side by side
| E (ENI S.p.A.) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +53.3% | +77.2% |
| 5-year return | +193.3% | +180.6% |
| Volatility (ann.) | 22.4% | 33.2% |
| Beta vs S&P 500 | 0.04 | -0.25 |
| Max drawdown (3Y) | -20.1% | -27.6% |
| Market cap | $76.7B | $98.6B |
| P/E (trailing) | 11.9 | 11.2 |
| Dividend yield | 0.99% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | E | EQNR |
|---|---|---|
| 2022 | +10.9% | +42.8% |
| 2023 | +26.7% | -0.8% |
| 2024 | -14.0% | -16.0% |
| 2025 | +43.8% | +6.1% |
| 2026 | +43.5% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are E and EQNR good diversifiers for each other?
Only partially. A correlation of 0.71 means E 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 E and EQNR?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.82 over the last year and 0.64 over 5 years.
Is EQNR a good diversifier for E?
Only partially. A correlation of 0.71 means E 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 0.71 mean?
On the −1 to +1 scale, 0.71 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/e-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/e-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: E correlations · EQNR correlations
