EQNR vs IBB: Correlation
Equinor ASA (EQNR) and iShares Biotechnology ETF (IBB) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and IBB?
Over the past 3 years, EQNR and IBB moved with a correlation of -0.17, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.52) than the 3-year average (-0.17). Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -118.0 %².
By 3-year correlation, IBB places #21 of the 79 assets tracked against EQNR. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 21.8 percentage points (+77.2% for EQNR against +55.4% for IBB). Risk is not evenly split, since EQNR carries 1.6 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.
EQNR vs IBB: side by side
| EQNR (Equinor ASA) | IBB (iShares Biotechnology ETF) | |
|---|---|---|
| 1-year return | +77.2% | +55.4% |
| 5-year return | +180.6% | +26.6% |
| Volatility (ann.) | 33.2% | 20.7% |
| Beta vs S&P 500 | -0.25 | 0.81 |
| Max drawdown (3Y) | -27.6% | -24.9% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.22% |
| Expense ratio | – | 0.44% |
| Assets under management | – | $9.2B |
| Sector / category | US Listed | ETF · Thematic |
IBB, iShares's Health fund, carries $9.2B under management, 235 holdings, a 0.44% expense ratio, a 0.22% trailing dividend yield.
Year-by-year returns
| Year | EQNR | IBB |
|---|---|---|
| 2022 | +42.8% | -13.7% |
| 2023 | -0.8% | +3.8% |
| 2024 | -16.0% | -2.4% |
| 2025 | +6.1% | +28.0% |
| 2026 | +81.8% | +27.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and IBB good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and IBB?
The EQNR/IBB correlation stands at -0.17 on a 3-year window (1 year: -0.52, 5 years: -0.07), computed from weekly returns as of 2026-08-27.
Is IBB a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 mean?
A reading of -0.17 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-ibb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-ibb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · IBB correlations
