EQNR vs SPY: Correlation
How closely do Equinor ASA (EQNR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.11, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and SPY?
On 3 years of weekly data the EQNR/SPY correlation comes out at -0.11, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.11). The 5-year figure is 0.06, and annualized covariance runs at -52.1 %².
Among the 79 assets we track against EQNR, SPY ranks #12 by 3-year correlation. The last year tells two different stories: EQNR led by 56.6 percentage points, +77.2% for EQNR against +20.6% for SPY. Risk is not evenly split, since EQNR carries 2.3 times the volatility of the other side.
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 SPY: side by side
| EQNR (Equinor ASA) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +77.2% | +20.6% |
| 5-year return | +180.6% | +82.4% |
| Volatility (ann.) | 33.2% | 14.5% |
| Beta vs S&P 500 | -0.25 | 1.00 |
| Max drawdown (3Y) | -27.6% | -18.8% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | EQNR | SPY |
|---|---|---|
| 2022 | +42.8% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | -16.0% | +24.9% |
| 2025 | +6.1% | +17.7% |
| 2026 | +81.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and SPY?
The EQNR/SPY correlation stands at -0.11 on a 3-year window (1 year: -0.40, 5 years: 0.06), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.11 means the two rarely move for the same reasons.
What does a correlation of -0.11 mean?
A reading of -0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EQNR correlations · SPY correlations
