HAL vs NBR: Correlation
Measured on weekly returns over the past three years, Halliburton (HAL) and Nabors Industries Ltd. (NBR) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and NBR?
On 3 years of weekly data the HAL/NBR correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 1936.8 %².
Among the 44 assets we track against HAL, NBR ranks #5 by 3-year correlation. The last year tells two different stories: NBR led by 90.5 percentage points, +62.8% for HAL against +153.3% for NBR. Note the risk asymmetry: NBR runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
HAL vs NBR: side by side
| HAL (Halliburton) | NBR (Nabors Industries Ltd.) | |
|---|---|---|
| 1-year return | +62.8% | +153.3% |
| 5-year return | +93.6% | +10.3% |
| Volatility (ann.) | 38.0% | 65.2% |
| Beta vs S&P 500 | 0.55 | 0.88 |
| Max drawdown (3Y) | -54.0% | -82.2% |
| Market cap | $29.6B | $1.4B |
| P/E (trailing) | 18.0 | 5.9 |
| Dividend yield | 1.97% | 0.00% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | HAL | NBR |
|---|---|---|
| 2022 | +74.5% | +91.0% |
| 2023 | -6.5% | -47.3% |
| 2024 | -23.2% | -30.0% |
| 2025 | +7.0% | -5.0% |
| 2026 | +26.7% | +68.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and NBR good diversifiers for each other?
Only partially. A correlation of 0.78 means HAL and NBR 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 HAL and NBR?
As of 2026-08-27, the correlation of weekly returns between HAL and NBR is 0.78 over 3 years, 0.82 over 1 year and 0.80 over 5 years.
Is NBR a good diversifier for HAL?
Only partially. A correlation of 0.78 means HAL and NBR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
A reading of 0.78 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/hal-vs-nbr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hal-vs-nbr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HAL correlations · NBR correlations
