EQNR vs XBI: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and SPDR S&P Biotech ETF (XBI) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and XBI?
Across a 3-year window, the weekly returns of EQNR and XBI correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.59) than the 3-year average (-0.21). Stretching to 5 years gives -0.09, with an annualized covariance of -188.7 %².
By 3-year correlation, XBI places #41 of the 79 assets tracked against EQNR. On 12-month performance XBI holds a 10.0-point edge, +77.2% against +87.2%.
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 XBI: side by side
| EQNR (Equinor ASA) | XBI (SPDR S&P Biotech ETF) | |
|---|---|---|
| 1-year return | +77.2% | +87.2% |
| 5-year return | +180.6% | +28.6% |
| Volatility (ann.) | 33.2% | 27.7% |
| Beta vs S&P 500 | -0.25 | 1.09 |
| Max drawdown (3Y) | -27.6% | -33.0% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | EQNR | XBI |
|---|---|---|
| 2022 | +42.8% | -25.9% |
| 2023 | -0.8% | +7.6% |
| 2024 | -16.0% | +1.0% |
| 2025 | +6.1% | +35.9% |
| 2026 | +81.8% | +38.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and XBI good diversifiers for each other?
Yes. With a correlation of -0.21, EQNR and XBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EQNR and XBI?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.59 over the last year and -0.09 over 5 years.
Is XBI a good diversifier for EQNR?
Yes. With a correlation of -0.21, EQNR and XBI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/eqnr-vs-xbi.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/eqnr-vs-xbi/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EQNR correlations · XBI correlations
