NOV vs OII: Correlation
NOV Inc. (NOV) and Oceaneering International, Inc. (OII) 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 NOV and OII?
Over the past 3 years, NOV and OII moved with a correlation of 0.72, which is strong. The past 12 months show a weaker link (0.60) than the 3-year average (0.72). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1117.2 %².
Among the 27 assets we track against NOV, OII ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OII ahead by 47.7 points (+62.2% 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.
NOV vs OII: side by side
| NOV (NOV Inc.) | OII (Oceaneering International, Inc.) | |
|---|---|---|
| 1-year return | +62.2% | +109.9% |
| 5-year return | +71.8% | +316.7% |
| Volatility (ann.) | 35.6% | 43.5% |
| Beta vs S&P 500 | 0.61 | 0.81 |
| Max drawdown (3Y) | -47.2% | -47.8% |
| Market cap | $7.4B | $5.1B |
| P/E (trailing) | 74.1 | 14.8 |
| Dividend yield | 1.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOV | OII |
|---|---|---|
| 2022 | +55.7% | +54.6% |
| 2023 | -1.8% | +21.7% |
| 2024 | -26.8% | +22.6% |
| 2025 | +11.3% | -7.9% |
| 2026 | +34.6% | +113.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and OII good diversifiers for each other?
Only partially. A correlation of 0.72 means NOV and OII 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 NOV and OII?
The NOV/OII correlation stands at 0.72 on a 3-year window (1 year: 0.60, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is OII a good diversifier for NOV?
Only partially. A correlation of 0.72 means NOV and OII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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.
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Related comparisons
Hubs: NOV correlations · OII correlations
