NBR vs SDRL: Correlation
Measured on weekly returns over the past three years, Nabors Industries Ltd. (NBR) and Seadrill Limited (SDRL) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBR and SDRL?
On 3 years of weekly data the NBR/SDRL correlation comes out at 0.66, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.66). The 5-year figure is 0.67, and annualized covariance runs at 1681.8 %².
Among the 18 assets we track against NBR, SDRL ranks #8 by 3-year correlation. The last year tells two different stories: NBR led by 102.0 percentage points, +153.3% for NBR against +51.3% for SDRL. Risk is not evenly split, since NBR carries 1.7 times the volatility of the other side.
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.
NBR vs SDRL: side by side
| NBR (Nabors Industries Ltd.) | SDRL (Seadrill Limited) | |
|---|---|---|
| 1-year return | +153.3% | +51.3% |
| 5-year return | +10.3% | n/a |
| Volatility (ann.) | 65.2% | 38.9% |
| Beta vs S&P 500 | 0.88 | 0.91 |
| Max drawdown (3Y) | -82.2% | -66.1% |
| Market cap | $1.4B | $3.0B |
| P/E (trailing) | 5.9 | 1612.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NBR | SDRL |
|---|---|---|
| 2022 | +91.0% | – |
| 2023 | -47.3% | +44.9% |
| 2024 | -30.0% | -17.7% |
| 2025 | -5.0% | -11.1% |
| 2026 | +68.8% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBR and SDRL good diversifiers for each other?
Only partially. A correlation of 0.66 means NBR and SDRL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NBR and SDRL?
As of 2026-08-27, the correlation of weekly returns between NBR and SDRL is 0.66 over 3 years, 0.55 over 1 year and 0.67 over 5 years.
Is SDRL a good diversifier for NBR?
Only partially. A correlation of 0.66 means NBR and SDRL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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/nbr-vs-sdrl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nbr-vs-sdrl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NBR correlations · SDRL correlations
