EQNR vs OXY: Correlation
Equinor ASA (EQNR) and Occidental Petroleum (OXY) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and OXY?
Across a 3-year window, the weekly returns of EQNR and OXY correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.74) sits close to the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 710.2 %².
Within EQNR's tracked universe of 79 assets, OXY comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQNR ahead by 48.3 points (+77.2% versus +28.9%).
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 OXY: side by side
| EQNR (Equinor ASA) | OXY (Occidental Petroleum) | |
|---|---|---|
| 1-year return | +77.2% | +28.9% |
| 5-year return | +180.6% | +150.8% |
| Volatility (ann.) | 33.2% | 30.6% |
| Beta vs S&P 500 | -0.25 | 0.13 |
| Max drawdown (3Y) | -27.6% | -46.9% |
| Market cap | $98.6B | $59.1B |
| P/E (trailing) | 11.2 | 17.3 |
| Dividend yield | 3.73% | 1.71% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | EQNR | OXY |
|---|---|---|
| 2022 | +42.8% | +119.1% |
| 2023 | -0.8% | -4.1% |
| 2024 | -16.0% | -15.9% |
| 2025 | +6.1% | -14.9% |
| 2026 | +81.8% | +45.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and OXY good diversifiers for each other?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EQNR and OXY?
As of 2026-08-27, the correlation of weekly returns between EQNR and OXY is 0.70 over 3 years, 0.74 over 1 year and 0.61 over 5 years.
Is OXY a good diversifier for EQNR?
To a limited degree. At 0.70 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.70 mean?
A reading of 0.70 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-oxy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-oxy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQNR correlations · OXY correlations
