OII vs WTTR: Correlation
Measured on weekly returns over the past three years, Oceaneering International, Inc. (OII) and Select Water Solutions, Inc. (WTTR) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OII and WTTR?
On 3 years of weekly data the OII/WTTR correlation comes out at 0.62, strong. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.62 over 3 years. The 5-year figure is 0.66, and annualized covariance runs at 1180.5 %².
By 3-year correlation, WTTR places #8 of the 16 assets tracked against OII. The last year tells two different stories: WTTR led by 30.5 percentage points, +109.9% for OII against +140.4% for WTTR.
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.
OII vs WTTR: side by side
| OII (Oceaneering International, Inc.) | WTTR (Select Water Solutions, Inc.) | |
|---|---|---|
| 1-year return | +109.9% | +140.4% |
| 5-year return | +316.7% | +303.0% |
| Volatility (ann.) | 43.5% | 44.1% |
| Beta vs S&P 500 | 0.81 | 0.91 |
| Max drawdown (3Y) | -47.8% | -50.7% |
| Market cap | $5.1B | $2.8B |
| P/E (trailing) | 14.8 | 69.8 |
| Dividend yield | 0.00% | 1.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OII | WTTR |
|---|---|---|
| 2022 | +54.6% | +49.2% |
| 2023 | +21.7% | -15.6% |
| 2024 | +22.6% | +79.2% |
| 2025 | -7.9% | -18.3% |
| 2026 | +113.1% | +88.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OII and WTTR good diversifiers for each other?
Only partially. A correlation of 0.62 means OII and WTTR 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 OII and WTTR?
The OII/WTTR correlation stands at 0.62 on a 3-year window (1 year: 0.42, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is WTTR a good diversifier for OII?
Only partially. A correlation of 0.62 means OII and WTTR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
On the −1 to +1 scale, 0.62 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/oii-vs-wttr.json
Markdown for the live badge, attribution link included:
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Related comparisons
Hubs: OII correlations · WTTR correlations
