NOV vs OIS: Correlation
NOV Inc. (NOV) and Oil States International, Inc. (OIS) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOV and OIS?
On 3 years of weekly data the NOV/OIS correlation comes out at 0.66, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.66 over 3. The 5-year figure is 0.73, and annualized covariance runs at 1301.1 %².
By 3-year correlation, OIS places #15 of the 27 assets tracked against NOV. Over the last 12 months NOV came out ahead by 5.4 percentage points (+62.2% against +56.8%). Note the risk asymmetry: OIS runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 OIS: side by side
| NOV (NOV Inc.) | OIS (Oil States International, Inc.) | |
|---|---|---|
| 1-year return | +62.2% | +56.8% |
| 5-year return | +71.8% | +48.7% |
| Volatility (ann.) | 35.6% | 55.2% |
| Beta vs S&P 500 | 0.61 | 0.78 |
| Max drawdown (3Y) | -47.2% | -62.9% |
| Market cap | $7.4B | $0.5B |
| P/E (trailing) | 74.1 | – |
| Dividend yield | 1.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOV | OIS |
|---|---|---|
| 2022 | +55.7% | +50.1% |
| 2023 | -1.8% | -9.0% |
| 2024 | -26.8% | -25.5% |
| 2025 | +11.3% | +33.8% |
| 2026 | +34.6% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and OIS good diversifiers for each other?
To a limited degree. At 0.66 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 NOV and OIS?
As of 2026-08-27, the correlation of weekly returns between NOV and OIS is 0.66 over 3 years, 0.65 over 1 year and 0.73 over 5 years.
Is OIS a good diversifier for NOV?
To a limited degree. At 0.66 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 0.66 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/nov-vs-ois.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nov-vs-ois/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOV correlations · OIS correlations
