EQNR vs MLM: Correlation
How closely do Equinor ASA (EQNR) and Martin Marietta Materials (MLM) trade together? Their weekly returns over three years give a correlation of -0.34, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and MLM?
Over the past 3 years, EQNR and MLM moved with a correlation of -0.34, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.57 versus -0.34 over 3 years. Over 5 years the correlation is -0.09, and the annualized covariance of weekly returns is -267.8 %².
Among the 79 assets we track against EQNR, MLM sits near the bottom by co-movement, at rank #76. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 91.0 percentage points (+77.2% for EQNR against -13.8% for MLM).
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 MLM: side by side
| EQNR (Equinor ASA) | MLM (Martin Marietta Materials) | |
|---|---|---|
| 1-year return | +77.2% | -13.8% |
| 5-year return | +180.6% | +42.4% |
| Volatility (ann.) | 33.2% | 23.9% |
| Beta vs S&P 500 | -0.25 | 0.85 |
| Max drawdown (3Y) | -27.6% | -26.8% |
| Market cap | $98.6B | $37.5B |
| P/E (trailing) | 11.2 | 34.4 |
| Dividend yield | 3.73% | 0.62% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | EQNR | MLM |
|---|---|---|
| 2022 | +42.8% | -22.7% |
| 2023 | -0.8% | +48.6% |
| 2024 | -16.0% | +4.1% |
| 2025 | +6.1% | +21.3% |
| 2026 | +81.8% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and MLM good diversifiers for each other?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and MLM?
Using weekly returns as of 2026-08-27: -0.34 over 3 years, with -0.57 over the last year and -0.09 over 5 years.
Is MLM a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.34 means the two rarely move for the same reasons.
What does a correlation of -0.34 mean?
A reading of -0.34 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-mlm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-mlm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · MLM correlations
