EQNR vs IEMG: Correlation
Equinor ASA (EQNR) and iShares Core MSCI Emerging Markets ETF (IEMG) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and IEMG?
Across a 3-year window, the weekly returns of EQNR and IEMG correlate at -0.18, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.48 versus -0.18 over 3 years. Stretching to 5 years gives -0.02, with an annualized covariance of -103.1 %².
By 3-year correlation, IEMG places #25 of the 79 assets tracked against EQNR. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 41.2 percentage points (+77.2% for EQNR against +36.0% for IEMG). Note the risk asymmetry: EQNR runs 1.9 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 IEMG: side by side
| EQNR (Equinor ASA) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +77.2% | +36.0% |
| 5-year return | +180.6% | +50.7% |
| Volatility (ann.) | 33.2% | 17.4% |
| Beta vs S&P 500 | -0.25 | 0.84 |
| Max drawdown (3Y) | -27.6% | -17.2% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | EQNR | IEMG |
|---|---|---|
| 2022 | +42.8% | -20.0% |
| 2023 | -0.8% | +11.5% |
| 2024 | -16.0% | +6.5% |
| 2025 | +6.1% | +32.6% |
| 2026 | +81.8% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and IEMG good diversifiers for each other?
Yes. With a correlation of -0.18, EQNR and IEMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and IEMG?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.48 over the last year and -0.02 over 5 years.
Is IEMG a good diversifier for EQNR?
Yes. With a correlation of -0.18, EQNR and IEMG have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 mean?
A reading of -0.18 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-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · IEMG correlations
