EQNR vs MNKD: Correlation
Equinor ASA (EQNR) and MannKind Corporation (MNKD) show a negative relationship: their 3-year correlation of weekly returns is -0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and MNKD?
On 3 years of weekly data the EQNR/MNKD correlation comes out at -0.28, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.48) runs below the 3-year figure (-0.28). The 5-year figure is -0.12, and annualized covariance runs at -542.8 %².
By 3-year correlation, MNKD places #64 of the 79 assets tracked against EQNR. The last year tells two different stories: EQNR led by 87.4 percentage points, +77.2% for EQNR against -10.2% for MNKD. One caveat on sizing: MNKD is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 MNKD: side by side
| EQNR (Equinor ASA) | MNKD (MannKind Corporation) | |
|---|---|---|
| 1-year return | +77.2% | -10.2% |
| 5-year return | +180.6% | -13.8% |
| Volatility (ann.) | 33.2% | 57.7% |
| Beta vs S&P 500 | -0.25 | 1.17 |
| Max drawdown (3Y) | -27.6% | -69.4% |
| Market cap | $98.6B | $1.3B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQNR | MNKD |
|---|---|---|
| 2022 | +42.8% | +20.6% |
| 2023 | -0.8% | -30.9% |
| 2024 | -16.0% | +76.6% |
| 2025 | +6.1% | -11.8% |
| 2026 | +81.8% | -28.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and MNKD good diversifiers for each other?
Yes. With a correlation of -0.28, EQNR and MNKD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and MNKD?
Using weekly returns as of 2026-08-27: -0.28 over 3 years, with -0.48 over the last year and -0.12 over 5 years.
Is MNKD a good diversifier for EQNR?
Yes. With a correlation of -0.28, EQNR and MNKD have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.28 mean?
A reading of -0.28 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-mnkd.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-mnkd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · MNKD correlations
