HAL vs NOG: Correlation
How closely do Halliburton (HAL) and Northern Oil and Gas, Inc. (NOG) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and NOG?
On 3 years of weekly data the HAL/NOG correlation comes out at 0.71, strong. The past 12 months show a weaker link (0.59) than the 3-year average (0.71). The 5-year figure is 0.71, and annualized covariance runs at 1158.4 %².
Among the 44 assets we track against HAL, NOG ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HAL outperformed by 53.6 percentage points (+62.8% for HAL against +9.2% for NOG).
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 NOG: side by side
| HAL (Halliburton) | NOG (Northern Oil and Gas, Inc.) | |
|---|---|---|
| 1-year return | +62.8% | +9.2% |
| 5-year return | +93.6% | +105.5% |
| Volatility (ann.) | 38.0% | 42.6% |
| Beta vs S&P 500 | 0.55 | 0.55 |
| Max drawdown (3Y) | -54.0% | -55.1% |
| Market cap | $29.6B | $2.8B |
| P/E (trailing) | 18.0 | – |
| Dividend yield | 1.97% | 6.92% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | HAL | NOG |
|---|---|---|
| 2022 | +74.5% | +54.5% |
| 2023 | -6.5% | +25.5% |
| 2024 | -23.2% | +4.8% |
| 2025 | +7.0% | -38.2% |
| 2026 | +26.7% | +26.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and NOG good diversifiers for each other?
Only partially. A correlation of 0.71 means HAL and NOG 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 NOG?
As of 2026-08-27, the correlation of weekly returns between HAL and NOG is 0.71 over 3 years, 0.59 over 1 year and 0.71 over 5 years.
Is NOG a good diversifier for HAL?
Only partially. A correlation of 0.71 means HAL and NOG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
A reading of 0.71 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-nog.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hal-vs-nog/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HAL correlations · NOG correlations
