ECL vs EQNR: Correlation
Measured on weekly returns over the past three years, Ecolab (ECL) and Equinor ASA (EQNR) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and EQNR?
Over the past 3 years, ECL and EQNR moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.47) runs below the 3-year figure (-0.29). Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -185.0 %².
Among the 53 assets we track against ECL, EQNR sits near the bottom by co-movement, at rank #50. The last year tells two different stories: EQNR led by 74.1 percentage points, +3.1% for ECL against +77.2% for EQNR. Risk is not evenly split, since EQNR carries 1.7 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.
ECL vs EQNR: side by side
| ECL (Ecolab) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +3.1% | +77.2% |
| 5-year return | +34.0% | +180.6% |
| Volatility (ann.) | 19.5% | 33.2% |
| Beta vs S&P 500 | 0.64 | -0.25 |
| Max drawdown (3Y) | -20.1% | -27.6% |
| Market cap | $80.1B | $98.6B |
| P/E (trailing) | 39.1 | 11.2 |
| Dividend yield | 0.98% | 3.73% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | ECL | EQNR |
|---|---|---|
| 2022 | -37.1% | +42.8% |
| 2023 | +37.9% | -0.8% |
| 2024 | +19.3% | -16.0% |
| 2025 | +13.2% | +6.1% |
| 2026 | +9.5% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECL and EQNR good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECL and EQNR?
As of 2026-08-27, the correlation of weekly returns between ECL and EQNR is -0.29 over 3 years, -0.47 over 1 year and -0.09 over 5 years.
Is EQNR a good diversifier for ECL?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 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/ecl-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ecl-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECL correlations · EQNR correlations
