EQNR vs IP: Correlation
How closely do Equinor ASA (EQNR) and International Paper (IP) trade together? Their weekly returns over three years give a correlation of -0.17, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and IP?
Across a 3-year window, the weekly returns of EQNR and IP correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.35) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.07, with an annualized covariance of -210.5 %².
Within EQNR's tracked universe of 79 assets, IP comes in at #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQNR ahead by 90.7 points (+77.2% versus -13.5%).
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 IP: side by side
| EQNR (Equinor ASA) | IP (International Paper) | |
|---|---|---|
| 1-year return | +77.2% | -13.5% |
| 5-year return | +180.6% | -11.2% |
| Volatility (ann.) | 33.2% | 37.8% |
| Beta vs S&P 500 | -0.25 | 0.77 |
| Max drawdown (3Y) | -27.6% | -48.6% |
| Market cap | $98.6B | $21.1B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 4.47% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | EQNR | IP |
|---|---|---|
| 2022 | +42.8% | -23.0% |
| 2023 | -0.8% | +10.2% |
| 2024 | -16.0% | +55.3% |
| 2025 | +6.1% | -23.8% |
| 2026 | +81.8% | +5.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and IP good diversifiers for each other?
Yes. With a correlation of -0.17, EQNR and IP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and IP?
As of 2026-08-27, the correlation of weekly returns between EQNR and IP is -0.17 over 3 years, -0.35 over 1 year and -0.07 over 5 years.
Is IP a good diversifier for EQNR?
Yes. With a correlation of -0.17, EQNR and IP have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 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/eqnr-vs-ip.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-ip/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EQNR correlations · IP correlations
