EQNR vs IWM: Correlation
How closely do Equinor ASA (EQNR) and iShares Russell 2000 ETF (IWM) trade together? Their weekly returns over three years give a correlation of -0.13, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and IWM?
Across a 3-year window, the weekly returns of EQNR and IWM correlate at -0.13, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.13). Stretching to 5 years gives 0.06, with an annualized covariance of -87.0 %².
Within EQNR's tracked universe of 79 assets, IWM comes in at #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQNR ahead by 48.8 points (+77.2% versus +28.4%). Note the risk asymmetry: EQNR runs 1.7 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 IWM: side by side
| EQNR (Equinor ASA) | IWM (iShares Russell 2000 ETF) | |
|---|---|---|
| 1-year return | +77.2% | +28.4% |
| 5-year return | +180.6% | +41.5% |
| Volatility (ann.) | 33.2% | 19.8% |
| Beta vs S&P 500 | -0.25 | 1.06 |
| Max drawdown (3Y) | -27.6% | -27.5% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.91% |
| Expense ratio | – | 0.19% |
| Assets under management | – | $80.1B |
| Sector / category | US Listed | ETF · US Small & Mid Cap |
IWM, iShares's Small Blend fund, carries $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | EQNR | IWM |
|---|---|---|
| 2022 | +42.8% | -20.5% |
| 2023 | -0.8% | +16.8% |
| 2024 | -16.0% | +11.4% |
| 2025 | +6.1% | +12.7% |
| 2026 | +81.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and IWM good diversifiers for each other?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQNR and IWM?
As of 2026-08-27, the correlation of weekly returns between EQNR and IWM is -0.13 over 3 years, -0.50 over 1 year and 0.06 over 5 years.
Is IWM a good diversifier for EQNR?
Yes: at -0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.13 mean?
A reading of -0.13 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-iwm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-iwm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · IWM correlations
