HAL vs NOV: Correlation
Halliburton (HAL) and NOV Inc. (NOV) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and NOV?
Across a 3-year window, the weekly returns of HAL and NOV correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 1080.3 %².
In HAL's tracked universe of 44 assets, NOV sits right near the top at #3. Twelve-month performance is nearly a tie, at +62.8% for HAL and +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.
HAL vs NOV: side by side
| HAL (Halliburton) | NOV (NOV Inc.) | |
|---|---|---|
| 1-year return | +62.8% | +62.2% |
| 5-year return | +93.6% | +71.8% |
| Volatility (ann.) | 38.0% | 35.6% |
| Beta vs S&P 500 | 0.55 | 0.61 |
| Max drawdown (3Y) | -54.0% | -47.2% |
| Market cap | $29.6B | $7.4B |
| P/E (trailing) | 18.0 | 74.1 |
| Dividend yield | 1.97% | 1.63% |
| Sector / category | Energy | US Listed |
Year-by-year returns
| Year | HAL | NOV |
|---|---|---|
| 2022 | +74.5% | +55.7% |
| 2023 | -6.5% | -1.8% |
| 2024 | -23.2% | -26.8% |
| 2025 | +7.0% | +11.3% |
| 2026 | +26.7% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and NOV good diversifiers for each other?
No: a correlation of 0.80 means HAL and NOV tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between HAL and NOV?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.77 over the last year and 0.82 over 5 years.
Is NOV a good diversifier for HAL?
No: a correlation of 0.80 means HAL and NOV tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 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-nov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hal-vs-nov/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HAL correlations · NOV correlations
