HLX vs NOV: Correlation
How closely do Helix Energy Solutions Group, Inc. (HLX) and NOV Inc. (NOV) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and NOV?
Over the past 3 years, HLX and NOV moved with a correlation of 0.73, which is strong. Recent behaviour matches the longer record: 0.74 over 1 year against 0.73 over 3. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1099.2 %².
Within HLX's tracked universe of 21 assets, NOV comes in at #4 by 3-year correlation. Over the last 12 months NOV came out ahead by 5.1 percentage points (+57.1% against +62.2%).
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.
HLX vs NOV: side by side
| HLX (Helix Energy Solutions Group, Inc.) | NOV (NOV Inc.) | |
|---|---|---|
| 1-year return | +57.1% | +62.2% |
| 5-year return | +165.6% | +71.8% |
| Volatility (ann.) | 42.5% | 35.6% |
| Beta vs S&P 500 | 0.65 | 0.61 |
| Max drawdown (3Y) | -55.5% | -47.2% |
| Market cap | – | $7.4B |
| P/E (trailing) | 40.5 | 74.1 |
| Dividend yield | 0.00% | 1.63% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | NOV |
|---|---|---|
| 2022 | +136.5% | +55.7% |
| 2023 | +39.3% | -1.8% |
| 2024 | -9.3% | -26.8% |
| 2025 | -32.7% | +11.3% |
| 2026 | +61.4% | +34.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and NOV good diversifiers for each other?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HLX and NOV?
As of 2026-08-27, the correlation of weekly returns between HLX and NOV is 0.73 over 3 years, 0.74 over 1 year and 0.74 over 5 years.
Is NOV a good diversifier for HLX?
To a limited degree. At 0.73 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlx-vs-nov.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlx-vs-nov/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLX correlations · NOV correlations
