EQNR vs UAL: Correlation
How closely do Equinor ASA (EQNR) and United Airlines Holdings (UAL) trade together? Their weekly returns over three years give a correlation of -0.29, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and UAL?
On 3 years of weekly data the EQNR/UAL correlation comes out at -0.29, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.53) than the 3-year average (-0.29). The 5-year figure is -0.08, and annualized covariance runs at -452.1 %².
By 3-year correlation, UAL places #69 of the 79 assets tracked against EQNR. Correlation aside, the last 12 months split them widely, with EQNR ahead by 69.4 points (+77.2% versus +7.8%).
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 UAL: side by side
| EQNR (Equinor ASA) | UAL (United Airlines Holdings) | |
|---|---|---|
| 1-year return | +77.2% | +7.8% |
| 5-year return | +180.6% | +144.8% |
| Volatility (ann.) | 33.2% | 46.6% |
| Beta vs S&P 500 | -0.25 | 1.33 |
| Max drawdown (3Y) | -27.6% | -49.2% |
| Market cap | $98.6B | $36.5B |
| P/E (trailing) | 11.2 | 10.8 |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | EQNR | UAL |
|---|---|---|
| 2022 | +42.8% | -13.9% |
| 2023 | -0.8% | +9.4% |
| 2024 | -16.0% | +135.3% |
| 2025 | +6.1% | +15.2% |
| 2026 | +81.8% | +0.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and UAL good diversifiers for each other?
Yes. With a correlation of -0.29, EQNR and UAL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and UAL?
The EQNR/UAL correlation stands at -0.29 on a 3-year window (1 year: -0.53, 5 years: -0.08), computed from weekly returns as of 2026-08-27.
Is UAL a good diversifier for EQNR?
Yes. With a correlation of -0.29, EQNR and UAL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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-ual.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-ual/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · UAL correlations
