EQNR vs SHW: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and Sherwin-Williams (SHW) carry a correlation of -0.36, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and SHW?
On 3 years of weekly data the EQNR/SHW correlation comes out at -0.36, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.52) than the 3-year average (-0.36). The 5-year figure is -0.17, and annualized covariance runs at -291.4 %².
Out of 79 assets tracked against EQNR, SHW lands near the bottom at #79. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 82.3 percentage points (+77.2% for EQNR against -5.1% for SHW).
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 SHW: side by side
| EQNR (Equinor ASA) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +77.2% | -5.1% |
| 5-year return | +180.6% | +18.3% |
| Volatility (ann.) | 33.2% | 24.6% |
| Beta vs S&P 500 | -0.25 | 0.79 |
| Max drawdown (3Y) | -27.6% | -25.7% |
| Market cap | $98.6B | $83.8B |
| P/E (trailing) | 11.2 | 31.8 |
| Dividend yield | 3.73% | 0.91% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | EQNR | SHW |
|---|---|---|
| 2022 | +42.8% | -32.0% |
| 2023 | -0.8% | +32.7% |
| 2024 | -16.0% | +9.9% |
| 2025 | +6.1% | -3.8% |
| 2026 | +81.8% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and SHW good diversifiers for each other?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQNR and SHW?
As of 2026-08-27, the correlation of weekly returns between EQNR and SHW is -0.36 over 3 years, -0.52 over 1 year and -0.17 over 5 years.
Is SHW a good diversifier for EQNR?
Yes: at -0.36, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.36 mean?
On the −1 to +1 scale, -0.36 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-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eqnr-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · SHW correlations
