PROP vs RIG: Correlation
How closely do Prairie Operating Co. (PROP) and Transocean Ltd (Switzerland) (RIG) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PROP and RIG?
Across a 3-year window, the weekly returns of PROP and RIG correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 1748.3 %².
Within PROP's tracked universe of 10 assets, RIG comes in at #4 by 3-year correlation. The last year tells two different stories: RIG led by 159.6 percentage points, -78.5% for PROP against +81.1% for RIG. Note the risk asymmetry: PROP runs 2.0 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.
PROP vs RIG: side by side
| PROP (Prairie Operating Co.) | RIG (Transocean Ltd (Switzerland)) | |
|---|---|---|
| 1-year return | -78.5% | +81.1% |
| 5-year return | -99.1% | +61.7% |
| Volatility (ann.) | 101.6% | 51.9% |
| Beta vs S&P 500 | 1.03 | 0.93 |
| Max drawdown (3Y) | -97.0% | -75.5% |
| Market cap | $0.1B | $6.4B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PROP | RIG |
|---|---|---|
| 2022 | -98.2% | +65.2% |
| 2023 | +498.8% | +39.3% |
| 2024 | -27.2% | -40.9% |
| 2025 | -75.6% | +10.1% |
| 2026 | -68.4% | +39.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PROP and RIG good diversifiers for each other?
Reasonably. At 0.33, PROP and RIG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between PROP and RIG?
The PROP/RIG correlation stands at 0.33 on a 3-year window (1 year: 0.38, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is RIG a good diversifier for PROP?
Reasonably. At 0.33, PROP and RIG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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/prop-vs-rig.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/prop-vs-rig/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PROP correlations · RIG correlations
