EQNR vs KWY: Correlation
How closely do Equinor ASA (EQNR) and Kingsway Corporation (KWY) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and KWY?
Over the past 3 years, EQNR and KWY moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.49) than the 3-year average (-0.26). Over 5 years the correlation is -0.11, and the annualized covariance of weekly returns is -324.7 %².
Among the 79 assets we track against EQNR, KWY ranks #55 by 3-year correlation. The last year tells two different stories: EQNR led by 106.5 percentage points, +77.2% for EQNR against -29.3% for KWY.
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 KWY: side by side
| EQNR (Equinor ASA) | KWY (Kingsway Corporation) | |
|---|---|---|
| 1-year return | +77.2% | -29.3% |
| 5-year return | +180.6% | +80.2% |
| Volatility (ann.) | 33.2% | 37.8% |
| Beta vs S&P 500 | -0.25 | 0.90 |
| Max drawdown (3Y) | -27.6% | -48.0% |
| Market cap | $98.6B | $0.3B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQNR | KWY |
|---|---|---|
| 2022 | +42.8% | +44.7% |
| 2023 | -0.8% | +5.9% |
| 2024 | -16.0% | -0.4% |
| 2025 | +6.1% | +60.7% |
| 2026 | +81.8% | -25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and KWY good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and KWY?
The EQNR/KWY correlation stands at -0.26 on a 3-year window (1 year: -0.49, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is KWY a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 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-kwy.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: EQNR correlations · KWY correlations
