EQNR vs ULCC: Correlation
How closely do Equinor ASA (EQNR) and Frontier Group Holdings, Inc. (ULCC) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and ULCC?
Over the past 3 years, EQNR and ULCC moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.52) runs below the 3-year figure (-0.26). Over 5 years the correlation is -0.07, and the annualized covariance of weekly returns is -699.0 %².
By 3-year correlation, ULCC places #58 of the 79 assets tracked against EQNR. The last year tells two different stories: EQNR led by 53.8 percentage points, +77.2% for EQNR against +23.4% for ULCC. Risk is not evenly split, since ULCC carries 2.4 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 ULCC: side by side
| EQNR (Equinor ASA) | ULCC (Frontier Group Holdings, Inc.) | |
|---|---|---|
| 1-year return | +77.2% | +23.4% |
| 5-year return | +180.6% | -61.9% |
| Volatility (ann.) | 33.2% | 81.0% |
| Beta vs S&P 500 | -0.25 | 2.06 |
| Max drawdown (3Y) | -27.6% | -70.4% |
| Market cap | $98.6B | $1.4B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQNR | ULCC |
|---|---|---|
| 2022 | +42.8% | -24.3% |
| 2023 | -0.8% | -46.8% |
| 2024 | -16.0% | +30.2% |
| 2025 | +6.1% | -33.8% |
| 2026 | +81.8% | +25.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and ULCC good diversifiers for each other?
Yes. With a correlation of -0.26, EQNR and ULCC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and ULCC?
As of 2026-08-27, the correlation of weekly returns between EQNR and ULCC is -0.26 over 3 years, -0.52 over 1 year and -0.07 over 5 years.
Is ULCC a good diversifier for EQNR?
Yes. With a correlation of -0.26, EQNR and ULCC have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-ulcc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/eqnr-vs-ulcc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQNR correlations · ULCC correlations
