MTR vs SDRL: Correlation
Measured on weekly returns over the past three years, Mesa Royalty Trust (MTR) and Seadrill Limited (SDRL) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTR and SDRL?
Across a 3-year window, the weekly returns of MTR and SDRL correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.37 over 3 years. Stretching to 5 years gives 0.31, with an annualized covariance of 686.5 %².
By 3-year correlation, SDRL places #4 of the 10 assets tracked against MTR. Correlation aside, the last 12 months split them widely, with SDRL ahead by 108.9 points (-57.6% versus +51.3%).
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.
MTR vs SDRL: side by side
| MTR (Mesa Royalty Trust) | SDRL (Seadrill Limited) | |
|---|---|---|
| 1-year return | -57.6% | +51.3% |
| 5-year return | -45.0% | n/a |
| Volatility (ann.) | 47.8% | 38.9% |
| Beta vs S&P 500 | 0.01 | 0.91 |
| Max drawdown (3Y) | -87.3% | -66.1% |
| Market cap | – | $3.0B |
| P/E (trailing) | 11.5 | 1612.7 |
| Dividend yield | 6.83% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTR | SDRL |
|---|---|---|
| 2022 | +310.9% | – |
| 2023 | -35.4% | +44.9% |
| 2024 | -54.1% | -17.7% |
| 2025 | -23.6% | -11.1% |
| 2026 | -45.9% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTR and SDRL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MTR and SDRL?
The MTR/SDRL correlation stands at 0.37 on a 3-year window (1 year: 0.21, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SDRL a good diversifier for MTR?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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/mtr-vs-sdrl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/mtr-vs-sdrl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTR correlations · SDRL correlations
