NOV vs SDRL: Correlation
NOV Inc. (NOV) and Seadrill Limited (SDRL) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOV and SDRL?
Over the past 3 years, NOV and SDRL moved with a correlation of 0.69, which is strong. The link has loosened recently: the 1-year correlation (0.58) runs below the 3-year figure (0.69). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 956.2 %².
By 3-year correlation, SDRL places #12 of the 27 assets tracked against NOV. Over the last 12 months NOV came out ahead by 10.9 percentage points (+62.2% against +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.
NOV vs SDRL: side by side
| NOV (NOV Inc.) | SDRL (Seadrill Limited) | |
|---|---|---|
| 1-year return | +62.2% | +51.3% |
| 5-year return | +71.8% | n/a |
| Volatility (ann.) | 35.6% | 38.9% |
| Beta vs S&P 500 | 0.61 | 0.91 |
| Max drawdown (3Y) | -47.2% | -66.1% |
| Market cap | $7.4B | $3.0B |
| P/E (trailing) | 74.1 | 1612.7 |
| Dividend yield | 1.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NOV | SDRL |
|---|---|---|
| 2022 | +55.7% | – |
| 2023 | -1.8% | +44.9% |
| 2024 | -26.8% | -17.7% |
| 2025 | +11.3% | -11.1% |
| 2026 | +34.6% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and SDRL good diversifiers for each other?
Only partially. A correlation of 0.69 means NOV 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 NOV and SDRL?
As of 2026-08-27, the correlation of weekly returns between NOV and SDRL is 0.69 over 3 years, 0.58 over 1 year and 0.64 over 5 years.
Is SDRL a good diversifier for NOV?
Only partially. A correlation of 0.69 means NOV 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 0.69 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-sdrl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nov-vs-sdrl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NOV correlations · SDRL correlations
