EQNR vs OLMA: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and Olema Pharmaceuticals, Inc. (OLMA) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and OLMA?
Over the past 3 years, EQNR and OLMA moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.24 over 3. Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -1076.5 %².
Within EQNR's tracked universe of 79 assets, OLMA comes in at #47 by 3-year correlation. The trailing year gives OLMA the advantage: +77.2% versus +88.0%, a 10.8-point spread. One caveat on sizing: OLMA is 4.0 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 OLMA: side by side
| EQNR (Equinor ASA) | OLMA (Olema Pharmaceuticals, Inc.) | |
|---|---|---|
| 1-year return | +77.2% | +88.0% |
| 5-year return | +180.6% | -64.1% |
| Volatility (ann.) | 33.2% | 133.2% |
| Beta vs S&P 500 | -0.25 | 1.18 |
| Max drawdown (3Y) | -27.6% | -82.1% |
| Market cap | $98.6B | $0.9B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQNR | OLMA |
|---|---|---|
| 2022 | +42.8% | -73.8% |
| 2023 | -0.8% | +472.7% |
| 2024 | -16.0% | -58.4% |
| 2025 | +6.1% | +328.8% |
| 2026 | +81.8% | -56.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and OLMA good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQNR and OLMA?
As of 2026-08-27, the correlation of weekly returns between EQNR and OLMA is -0.24 over 3 years, -0.30 over 1 year and -0.10 over 5 years.
Is OLMA a good diversifier for EQNR?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 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-olma.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-olma/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · OLMA correlations
