HAL vs SLB: Correlation
Measured on weekly returns over the past three years, Halliburton (HAL) and Schlumberger (SLB) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HAL and SLB?
Across a 3-year window, the weekly returns of HAL and SLB correlate at 0.84, 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 0.88, with an annualized covariance of 1120.6 %².
SLB is one of the assets that tracks HAL most closely: it ranks #1 out of the 44 assets we track against HAL. Over the last 12 months HAL came out ahead by 5.7 percentage points (+62.8% against +57.1%). Stability stands out here, with the rolling one-year correlation confined to 0.77 through 0.92.
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 SLB: side by side
| HAL (Halliburton) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +62.8% | +57.1% |
| 5-year return | +93.6% | +117.1% |
| Volatility (ann.) | 38.0% | 35.1% |
| Beta vs S&P 500 | 0.55 | 0.57 |
| Max drawdown (3Y) | -54.0% | -46.6% |
| Market cap | $29.6B | $81.6B |
| P/E (trailing) | 18.0 | 26.2 |
| Dividend yield | 1.97% | 2.16% |
| Sector / category | Energy | Energy |
Year-by-year returns
| Year | HAL | SLB |
|---|---|---|
| 2022 | +74.5% | +81.2% |
| 2023 | -6.5% | -0.8% |
| 2024 | -23.2% | -24.5% |
| 2025 | +7.0% | +3.3% |
| 2026 | +26.7% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HAL and SLB good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HAL and SLB?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.77 over the last year and 0.88 over 5 years.
Is SLB a good diversifier for HAL?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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.
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Related comparisons
Hubs: HAL correlations · SLB correlations
