EQNR vs LQD: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and iShares iBoxx Investment Grade Corporate Bond ETF (LQD) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and LQD?
Across a 3-year window, the weekly returns of EQNR and LQD correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.51) than the 3-year average (-0.21). Stretching to 5 years gives -0.09, with an annualized covariance of -50.3 %².
By 3-year correlation, LQD places #35 of the 79 assets tracked against EQNR. Correlation aside, the last 12 months split them widely, with EQNR ahead by 75.7 points (+77.2% versus +1.5%). Note the risk asymmetry: EQNR runs 4.5 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 LQD: side by side
| EQNR (Equinor ASA) | LQD (iShares iBoxx Investment Grade Corporate Bond ETF) | |
|---|---|---|
| 1-year return | +77.2% | +1.5% |
| 5-year return | +180.6% | -4.1% |
| Volatility (ann.) | 33.2% | 7.3% |
| Beta vs S&P 500 | -0.25 | 0.15 |
| Max drawdown (3Y) | -27.6% | -6.7% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 4.66% |
| Expense ratio | – | 0.14% |
| Assets under management | – | $33.0B |
| Sector / category | US Listed | ETF · Bonds |
LQD, iShares's Corporate Bond fund, carries $33.0B under management, a 0.14% expense ratio, a 4.66% trailing dividend yield.
Year-by-year returns
| Year | EQNR | LQD |
|---|---|---|
| 2022 | +42.8% | -17.9% |
| 2023 | -0.8% | +9.4% |
| 2024 | -16.0% | +0.9% |
| 2025 | +6.1% | +7.9% |
| 2026 | +81.8% | -0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and LQD good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and LQD?
The EQNR/LQD correlation stands at -0.21 on a 3-year window (1 year: -0.51, 5 years: -0.09), computed from weekly returns as of 2026-08-27.
Is LQD a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-lqd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-lqd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQNR correlations · LQD correlations
