EQNR vs HYG: Correlation
Equinor ASA (EQNR) and iShares iBoxx High Yield Corporate Bond ETF (HYG) show a negative relationship: their 3-year correlation of weekly returns is -0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and HYG?
Over the past 3 years, EQNR and HYG moved with a correlation of -0.15, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.42 versus -0.15 over 3 years. Over 5 years the correlation is 0.05, and the annualized covariance of weekly returns is -22.6 %².
Among the 79 assets we track against EQNR, HYG ranks #15 by 3-year correlation. The last year tells two different stories: EQNR led by 72.6 percentage points, +77.2% for EQNR against +4.6% for HYG. Note the risk asymmetry: EQNR runs 7.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EQNR vs HYG: side by side
| EQNR (Equinor ASA) | HYG (iShares iBoxx High Yield Corporate Bond ETF) | |
|---|---|---|
| 1-year return | +77.2% | +4.6% |
| 5-year return | +180.6% | +19.9% |
| Volatility (ann.) | 33.2% | 4.7% |
| Beta vs S&P 500 | -0.25 | 0.22 |
| Max drawdown (3Y) | -27.6% | -4.6% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 5.94% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $17.1B |
| Sector / category | US Listed | ETF · Bonds |
HYG is a High Yield Bond fund from iShares: $17.1B under management, a 0.49% expense ratio, a 5.94% trailing dividend yield.
Year-by-year returns
| Year | EQNR | HYG |
|---|---|---|
| 2022 | +42.8% | -11.0% |
| 2023 | -0.8% | +11.5% |
| 2024 | -16.0% | +8.0% |
| 2025 | +6.1% | +8.6% |
| 2026 | +81.8% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and HYG good diversifiers for each other?
Yes. With a correlation of -0.15, EQNR and HYG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and HYG?
As of 2026-08-27, the correlation of weekly returns between EQNR and HYG is -0.15 over 3 years, -0.42 over 1 year and 0.05 over 5 years.
Is HYG a good diversifier for EQNR?
Yes. With a correlation of -0.15, EQNR and HYG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.15 mean?
A reading of -0.15 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-hyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-hyg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQNR correlations · HYG correlations
