ELBM vs EQNR: Correlation
How closely do Electra Battery Materials Corporation (ELBM) 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 ELBM and EQNR?
Across a 3-year window, the weekly returns of ELBM and EQNR correlate at -0.21, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus -0.21 over 3 years. Stretching to 5 years gives -0.09, with an annualized covariance of -647.3 %².
Out of 10 assets tracked against ELBM, EQNR lands near the bottom at #8. The last year tells two different stories: EQNR led by 108.2 percentage points, -31.0% for ELBM against +77.2% for EQNR. Risk is not evenly split, since ELBM carries 2.7 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.
ELBM vs EQNR: side by side
| ELBM (Electra Battery Materials Corporation) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | -31.0% | +77.2% |
| 5-year return | -96.3% | +180.6% |
| Volatility (ann.) | 90.9% | 33.2% |
| Beta vs S&P 500 | 1.38 | -0.25 |
| Max drawdown (3Y) | -93.0% | -27.6% |
| Market cap | $0.1B | $98.6B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELBM | EQNR |
|---|---|---|
| 2022 | -62.5% | +42.8% |
| 2023 | -78.0% | -0.8% |
| 2024 | +27.1% | -16.0% |
| 2025 | -56.9% | +6.1% |
| 2026 | -22.4% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and EQNR good diversifiers for each other?
Yes. With a correlation of -0.21, ELBM and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ELBM and EQNR?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.38 over the last year and -0.09 over 5 years.
Is EQNR a good diversifier for ELBM?
Yes. With a correlation of -0.21, ELBM and EQNR have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 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/elbm-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/elbm-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELBM correlations · EQNR correlations
