NBR vs SLB: Correlation
Nabors Industries Ltd. (NBR) and Schlumberger (SLB) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NBR and SLB?
Over the past 3 years, NBR and SLB moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1649.4 %².
Within NBR's tracked universe of 18 assets, SLB comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NBR outperformed by 96.2 percentage points (+153.3% for NBR against +57.1% for SLB). One caveat on sizing: NBR is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SLB: side by side
| NBR (Nabors Industries Ltd.) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +153.3% | +57.1% |
| 5-year return | +10.3% | +117.1% |
| Volatility (ann.) | 65.2% | 35.1% |
| Beta vs S&P 500 | 0.88 | 0.57 |
| Max drawdown (3Y) | -82.2% | -46.6% |
| Market cap | $1.4B | $81.6B |
| P/E (trailing) | 5.9 | 26.2 |
| Dividend yield | 0.00% | 2.16% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NBR | SLB |
|---|---|---|
| 2022 | +91.0% | +81.2% |
| 2023 | -47.3% | -0.8% |
| 2024 | -30.0% | -24.5% |
| 2025 | -5.0% | +3.3% |
| 2026 | +68.8% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NBR and SLB good diversifiers for each other?
To a limited degree. At 0.72 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 NBR and SLB?
As of 2026-08-27, the correlation of weekly returns between NBR and SLB is 0.72 over 3 years, 0.68 over 1 year and 0.74 over 5 years.
Is SLB a good diversifier for NBR?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nbr-vs-slb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nbr-vs-slb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NBR correlations · SLB correlations
