EQNR vs WAT: Correlation
How closely do Equinor ASA (EQNR) and Waters Corporation (WAT) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and WAT?
Across a 3-year window, the weekly returns of EQNR and WAT correlate at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.21). Stretching to 5 years gives -0.05, with an annualized covariance of -250.7 %².
By 3-year correlation, WAT places #40 of the 79 assets tracked against EQNR. Their recent paths diverged sharply: over the last 12 months EQNR outperformed by 34.2 percentage points (+77.2% for EQNR against +43.0% for WAT).
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 WAT: side by side
| EQNR (Equinor ASA) | WAT (Waters Corporation) | |
|---|---|---|
| 1-year return | +77.2% | +43.0% |
| 5-year return | +180.6% | +2.0% |
| Volatility (ann.) | 33.2% | 35.3% |
| Beta vs S&P 500 | -0.25 | 0.89 |
| Max drawdown (3Y) | -27.6% | -33.4% |
| Market cap | $98.6B | $41.4B |
| P/E (trailing) | 11.2 | 105.3 |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | EQNR | WAT |
|---|---|---|
| 2022 | +42.8% | -8.1% |
| 2023 | -0.8% | -3.9% |
| 2024 | -16.0% | +12.7% |
| 2025 | +6.1% | +2.4% |
| 2026 | +81.8% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and WAT good diversifiers for each other?
Yes. With a correlation of -0.21, EQNR and WAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and WAT?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.44 over the last year and -0.05 over 5 years.
Is WAT a good diversifier for EQNR?
Yes. With a correlation of -0.21, EQNR and WAT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-wat.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-wat/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · WAT correlations
