HLX vs OII: Correlation
Measured on weekly returns over the past three years, Helix Energy Solutions Group, Inc. (HLX) and Oceaneering International, Inc. (OII) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HLX and OII?
Across a 3-year window, the weekly returns of HLX and OII correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 1364.6 %².
In HLX's tracked universe of 21 assets, OII sits right near the top at #2. Correlation aside, the last 12 months split them widely, with OII ahead by 52.8 points (+57.1% versus +109.9%).
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 OII: side by side
| HLX (Helix Energy Solutions Group, Inc.) | OII (Oceaneering International, Inc.) | |
|---|---|---|
| 1-year return | +57.1% | +109.9% |
| 5-year return | +165.6% | +316.7% |
| Volatility (ann.) | 42.5% | 43.5% |
| Beta vs S&P 500 | 0.65 | 0.81 |
| Max drawdown (3Y) | -55.5% | -47.8% |
| Market cap | – | $5.1B |
| P/E (trailing) | 40.5 | 14.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HLX | OII |
|---|---|---|
| 2022 | +136.5% | +54.6% |
| 2023 | +39.3% | +21.7% |
| 2024 | -9.3% | +22.6% |
| 2025 | -32.7% | -7.9% |
| 2026 | +61.4% | +113.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HLX and OII good diversifiers for each other?
To a limited degree. At 0.74 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 OII?
The HLX/OII correlation stands at 0.74 on a 3-year window (1 year: 0.69, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is OII a good diversifier for HLX?
To a limited degree. At 0.74 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 0.74 mean?
On the −1 to +1 scale, 0.74 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hlx-vs-oii.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hlx-vs-oii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HLX correlations · OII correlations
