FET vs NOV: Correlation
Forum Energy Technologies, Inc. (FET) and NOV Inc. (NOV) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FET and NOV?
Across a 3-year window, the weekly returns of FET and NOV correlate at 0.63, strong. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Stretching to 5 years gives 0.58, with an annualized covariance of 1107.9 %².
Among the 12 assets we track against FET, NOV ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FET outperformed by 150.5 percentage points (+212.7% for FET against +62.2% for NOV).
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.
FET vs NOV: side by side
| FET (Forum Energy Technologies, Inc.) | NOV (NOV Inc.) | |
|---|---|---|
| 1-year return | +212.7% | +62.2% |
| 5-year return | +307.0% | +71.8% |
| Volatility (ann.) | 49.1% | 35.6% |
| Beta vs S&P 500 | 0.80 | 0.61 |
| Max drawdown (3Y) | -47.1% | -47.2% |
| Market cap | $0.9B | $7.4B |
| P/E (trailing) | – | 74.1 |
| Dividend yield | 0.00% | 1.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FET | NOV |
|---|---|---|
| 2022 | +83.8% | +55.7% |
| 2023 | -24.8% | -1.8% |
| 2024 | -30.1% | -26.8% |
| 2025 | +138.5% | +11.3% |
| 2026 | +115.9% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FET and NOV good diversifiers for each other?
Only partially. A correlation of 0.63 means FET and NOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FET and NOV?
As of 2026-08-27, the correlation of weekly returns between FET and NOV is 0.63 over 3 years, 0.56 over 1 year and 0.58 over 5 years.
Is NOV a good diversifier for FET?
Only partially. A correlation of 0.63 means FET and NOV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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/fet-vs-nov.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: FET correlations · NOV correlations
