EQNR vs XLY: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and Consumer Discretionary Select Sector SPDR Fund (XLY) 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 XLY?
On 3 years of weekly data the EQNR/XLY correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.46) than the 3-year average (-0.21). The 5-year figure is -0.03, and annualized covariance runs at -137.8 %².
Within EQNR's tracked universe of 79 assets, XLY comes in at #42 by 3-year correlation. The last year tells two different stories: EQNR led by 77.3 percentage points, +77.2% for EQNR against -0.1% for XLY. One caveat on sizing: EQNR is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XLY: side by side
| EQNR (Equinor ASA) | XLY (Consumer Discretionary Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +77.2% | -0.1% |
| 5-year return | +180.6% | +31.8% |
| Volatility (ann.) | 33.2% | 19.7% |
| Beta vs S&P 500 | -0.25 | 1.15 |
| Max drawdown (3Y) | -27.6% | -26.0% |
| Market cap | $98.6B | – |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.78% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $22.5B |
| Sector / category | US Listed | Sector ETF |
XLY is a Consumer Cyclical fund from State Street Investment Management: $22.5B under management, 47 holdings, a 0.08% expense ratio, a 0.78% trailing dividend yield.
Year-by-year returns
| Year | EQNR | XLY |
|---|---|---|
| 2022 | +42.8% | -36.3% |
| 2023 | -0.8% | +39.6% |
| 2024 | -16.0% | +26.5% |
| 2025 | +6.1% | +7.4% |
| 2026 | +81.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and XLY good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EQNR and XLY?
As of 2026-08-27, the correlation of weekly returns between EQNR and XLY is -0.21 over 3 years, -0.46 over 1 year and -0.03 over 5 years.
Is XLY a good diversifier for EQNR?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
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-xly.json
Markdown for the live badge, attribution link included:
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Related comparisons
Hubs: EQNR correlations · XLY correlations
