NOV vs SLB: Correlation
Measured on weekly returns over the past three years, NOV Inc. (NOV) and Schlumberger (SLB) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NOV and SLB?
Across a 3-year window, the weekly returns of NOV and SLB correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.84, with an annualized covariance of 1046.7 %².
Few assets follow NOV as closely as SLB, which ranks #1 of 27 tracked partners. The trailing year gives NOV the advantage: +62.2% versus +57.1%, a 5.1-point spread.
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 SLB: side by side
| NOV (NOV Inc.) | SLB (Schlumberger) | |
|---|---|---|
| 1-year return | +62.2% | +57.1% |
| 5-year return | +71.8% | +117.1% |
| Volatility (ann.) | 35.6% | 35.1% |
| Beta vs S&P 500 | 0.61 | 0.57 |
| Max drawdown (3Y) | -47.2% | -46.6% |
| Market cap | $7.4B | $81.6B |
| P/E (trailing) | 74.1 | 26.2 |
| Dividend yield | 1.63% | 2.16% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | NOV | SLB |
|---|---|---|
| 2022 | +55.7% | +81.2% |
| 2023 | -1.8% | -0.8% |
| 2024 | -26.8% | -24.5% |
| 2025 | +11.3% | +3.3% |
| 2026 | +34.6% | +44.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NOV and SLB good diversifiers for each other?
No: a correlation of 0.84 means NOV and SLB tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between NOV and SLB?
The NOV/SLB correlation stands at 0.84 on a 3-year window (1 year: 0.84, 5 years: 0.84), computed from weekly returns as of 2026-08-27.
Is SLB a good diversifier for NOV?
No: a correlation of 0.84 means NOV and SLB tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 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/nov-vs-slb.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nov-vs-slb/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NOV correlations · SLB correlations
