# How Equinor ASA (EQNR) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/eqnr
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on EQNR alone. It places EQNR (Equinor ASA) against 16 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where EQNR stands in the market, and of the alternatives worth a closer look.

Period covered: EQNR's full trading record, from June 2001 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** EQNR has run far ahead of the market, rising 29.6% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Both EQNR and the S&P 500 are within a few percent of a record high.
- **Stock or market?:** Not a move of its own: the integrated oil & gas ETF XLE (State Street Energy Select Sector SPDR ETF) rose 18.0% over the past 3 months, with XOM (Exxonmobil, up 20.7%) and CVX (Chevron, up 20.0%), against 3.9% for the S&P 500. Its integrated oil & gas peers did not move as one over the past 3 months: PBR (Petróleo Brasileiro S.A. - Petrobras) rose 45.4%, while TTE (TotalEnergies) rose 12.8%.
- **Past 1 to 3 years:** Over the past year, EQNR rose 107% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. Even so, the last two calendar years both went the same way: EQNR rose 7.7% in 2025, against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100.
- **Long term:** EQNR turned $10,000 into $51,600 over the past decade, against $42,100 in the S&P 500. EQNR's 10-year return of 416% puts it ahead of 82% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across six sell-offs, EQNR has typically fallen 1.5 times as far as the S&P 500. Even so, in the 2022 bear market, EQNR held up better than PBR (Petróleo Brasileiro S.A. - Petrobras), SU and E; only XOM (Exxonmobil) fell less.
- **Diversification:** EQNR is a real diversifier: a correlation of 0.06 with the S&P 500 over 5 years and 0.05 with the total US market, less closely than 97% of stocks worth at least $300 million. EQNR's link to the S&P 500 has loosened: a correlation of 0.06 over the past 5 years, down from 0.61 in the 5 years before.
- **Better options**
  - **Nearby categories and themes:** DTM (DT Midstream, oil & gas midstream) earned more than EQNR with less volatility over the past 5 years: 24.5% a year at 25.2% volatility, against 19.2% a year at 34.4%.
  - **Whole market:** 104 of the 3,633 stocks and funds worth at least $500 million earned more than EQNR with less volatility over the past 5 years, among them WMT (Walmart), XOM (Exxonmobil) and ABBV (AbbVie).

## How much would $10,000 in EQNR have grown?

This chart tracks a hypothetical $10,000 investment in EQNR over the past 25 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of EQNR over the same span and EQNR's popular alternatives, among those that traded for the entire period.

- $10,000 invested in EQNR at the end of September 2001 would have grown to $249,121 by September 2026, more than the $114,557 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of EQNR, and LNG finished highest, at $4,917,892.

## EQNR at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- EQNR's deepest decline since it began trading in 2001 was 68.4%, from May to November 2008. It took about ten years from the low to climb back to its old high.
- Over 24 full calendar years, EQNR's best was 2021, when it returned 64.6%, and its worst was 2008, when it lost 43.2%. It lost money in eight of those years.
- EQNR is 2.6% below its all-time high.

- Type: Stock, Energy (Oil & Gas Integrated)
- Trading since: June 18, 2001
- Market value: $109B
- Volatility (5 years): 34.4%; Sharpe ratio: 0.69
- Worst decline ever: −68.4%, from May 22, 2008 to November 20, 2008; back at its high by May 9, 2018

| Period | EQNR total return |
| --- | --- |
| 1 month | +7.7% |
| 3 months | +23.4% |
| 6 months | +29.6% |
| year to date | +92.7% |
| 1 year | +107% |
| 3 years | +73.2% |
| 5 years | +141% |
| 10 years | +416% |

## EQNR against the whole market

Where EQNR ranks among every stock and fund, and what across the market has done better.

### How does EQNR rank among all stocks?

This section ranks EQNR on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- EQNR's 1-year return ranks in the top 5% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | EQNR | Rank |
| --- | --- | --- |
| 1-year return | +107% | 154 of 3,287 (top 5%) |
| 3-year return | +73.2% | 1,206 of 3,017 (top 40%) |
| 5-year return | +141% | 482 of 2,893 (top 17%) |
| 10-year return | +416% | 399 of 2,202 (top 19%) |
| Volatility, 5 years | 34.4% | 1,101 of 2,893 (top 39%) |
| Sharpe ratio, 5 years | 0.69 | 492 of 2,893 (top 18%) |
| Worst decline, past 10 years | −66.8% | 1,174 of 2,187 (top 54%) |

### What has beaten EQNR on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 87 stocks and 17 ETFs worth at least $500 million sit in the green region: each earned more than EQNR over the past 5 years with smaller price swings. That is 3% of the 3,633 screened.
- Among those with at least half EQNR's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 28% less than EQNR's 34.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.69 for EQNR. HWM earned the most, 47.3% a year, while still swinging less than EQNR (32.5% against 34.4%).
- Among EQNR's popular alternatives, SU, XOM and E are in the region. SU earned 33.1% a year against 19.2% a year for EQNR, at 32.5% volatility, 6% less than EQNR's 34.4%.

### Is there a better investment than EQNR?

The table below lists investments that beat EQNR over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among EQNR's popular alternatives, SU, XOM and E earned more than EQNR with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 19.2% a year at 34.4%.
- Looking beyond its popular alternatives, DTM (oil & gas midstream) earned more than EQNR with less volatility over the past 5 years: 24.5% a year at 25.2% volatility, against 19.2% a year at 34.4%.
- Across the whole market, 104 of the 3,633 stocks and funds worth at least $500 million earned more than EQNR with less volatility over the past 5 years, among them WMT, XOM and ABBV.

The 15 strongest of 104 investments that beat EQNR over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with EQNR | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EQNR: Equinor ASA (this page) |  | +19.2% | 34.4% | 0.69 | −66.8% | +416% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | -0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PGR](https://easycompare.io/research/pgr): The Progressive Corporation | Property & Casualty Insurance | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.00 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [COR](https://easycompare.io/research/cor): Cencora, Inc. | Health Care Distribution | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [GWW](https://easycompare.io/research/gww): W.W. Grainger, Inc. | Industrial Distribution | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.02 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| CBOE: Cboe Global Markets, Inc. | Capital Markets | +21.5% | 25.1% | 0.91 | −43.2% | +463% | 0.24 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| IRM: Iron Mountain Incorporated | Specialty REITs | +24.6% | 30.3% | 0.88 | −39.0% | +470% | 0.09 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| RS: Reliance Steel & Aluminum Co. | Metals & Mining | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| MUSA: Murphy USA Inc. | Convenience Stores | +26.1% | 31.2% | 0.90 | −35.5% | +706% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [WMT](https://easycompare.io/research/wmt): Walmart Inc. | Discount Retail | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | Industrial Machinery | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | Banks | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## EQNR against its popular alternatives

The investments people most often weigh against EQNR, compared period by period and year by year.

### How do EQNR's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Six of the 16 popular alternatives, led by SU, XOM and LNG, were both more rewarding and calmer than EQNR over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, EQNR returned 19.2% a year, more than the S&P 500's 12.7%, with higher volatility (34.4% against 17.1%).

### Has EQNR consistently beaten its popular alternatives?

This section compares EQNR with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- PBR outperformed EQNR in every long-term period and in all but one short-term period, the most consistent record in the group.
- Two of the 16 popular alternatives, PBR and SU, outperformed EQNR in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- XOM, E and LNG earned more for the risk they took than EQNR (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of EQNR | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EQNR: Equinor ASA (this page) | +107% | +73.2% | +141% | +416% |  |  | 0.69 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | +140% | +132% | +667% | +674% | 5/5 short-term, 3/3 long-term | all-weather | 1.28 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | +111% | +161% | +318% | +295% | 3/5 short-term, 2/3 long-term | consistent | 1.05 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | +77.9% | +120% | +181% | +278% | 1/5 short-term, 2/3 long-term |  | 0.94 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | +50.3% | +77.1% | +159% | +233% | 1/5 short-term, 2/3 long-term |  | 0.90 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | +62.4% | +76.7% | +232% | +214% | 1/5 short-term, 2/3 long-term |  | 1.04 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | +101% | +76.2% | +225% | +163% | 1/5 short-term, 2/3 long-term |  | 0.80 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | +29.3% | +69.8% | +186% | +616% | 0/5 short-term, 2/3 long-term |  | 0.85 |
| YPF: YPF Sociedad Anónima | +102% | +313% | +971% | +173% | 0/5 short-term, 2/3 long-term |  | 1.14 |
| EC: Ecopetrol S.A. | +112% | +116% | +129% | +401% | 2/5 short-term, 1/3 long-term |  | 0.63 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | +8.5% | +84.0% | +54.3% | +103% | 0/5 short-term, 1/3 long-term |  | 0.56 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | +72.9% | +28.5% | +131% | +379% | 2/5 short-term, 0/3 long-term |  | 0.68 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | +51.9% | +53.4% | +144% | +238% | 1/5 short-term, 0/3 long-term |  | 0.84 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | +56.3% | +46.5% | +110% | +141% | 1/5 short-term, 0/3 long-term |  | 0.66 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | +53.1% | +31.9% | +115% | +131% | 1/5 short-term, 0/3 long-term |  | 0.64 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | +55.2% | +60.5% | +129% | +234% | 0/5 short-term, 0/3 long-term |  | 0.78 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | +53.2% | −7.2% | +60.7% | −21.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |

### How did EQNR do year by year?

This table shows each investment's total return in every full calendar year since 2002, along with where EQNR ranked among its popular alternatives each year.

- EQNR finished ahead of the S&P 500 in 13 of its 24 full calendar years, and behind it in each of the last three.
- Ranked against its popular alternatives each year, EQNR finished in the top quarter in nine of 24 years and in the bottom quarter in three. In 2025, it ranked 11 of 17.
- Among its popular alternatives, LNG came out ahead of EQNR most often, in 15 of the 24 years both traded.

| Year | EQNR | SPY |
| --- | --- | --- |
| 2025 | +7.7% | +17.7% |
| 2024 | −16.0% | +24.9% |
| 2023 | −0.8% | +26.2% |
| 2022 | +42.9% | −18.2% |
| 2021 | +64.6% | +28.7% |
| 2020 | −13.6% | +18.3% |
| 2019 | −1.0% | +31.2% |
| 2018 | +3.4% | −4.6% |
| 2017 | +23.4% | +21.7% |
| 2016 | +38.3% | +12.0% |

## Risk and diversification

How EQNR has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were EQNR's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of EQNR's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: EQNR fell 34.5% from August 2022 to May 2023, while the S&P 500 rose 2.3%.
- The slowest recovery came after EQNR fell 68.4% from May to November 2008; it did not regain that peak until May 2018, ten years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −68.4% | May 22, 2008 | November 20, 2008 | May 9, 2018 | −45.3% | 2008 financial crisis |
| −66.8% | September 25, 2018 | March 18, 2020 | September 30, 2021 | −15.4% | late-2018 sell-off |
| −34.5% | August 24, 2022 | May 31, 2023 | February 27, 2026 | +2.3% | 2022 bear market |
| −30.9% | May 5, 2006 | October 3, 2006 | June 29, 2007 | +1.5% |  |
| −28.4% | October 29, 2007 | January 23, 2008 | April 22, 2008 | −12.7% | 2008 financial crisis |

### How did EQNR do in stock market crashes?

This section measures how far EQNR, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, ENB held up best, falling less than EQNR in eight of the nine crashes they both traded through.
- EQNR began trading after the dot-com bust, but 13 of its popular alternatives lived through it. The mildest fall among them was ENB's 21.0%, against 47.5% for the S&P 500.
- EQNR fell further than the S&P 500 in five of the nine crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when EQNR fell 34.9% and the S&P 500 fell 12.8%.

| Crash | Dates | EQNR fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −68.4% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −1.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −19.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −34.9% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −4.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −29.1% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −49.0% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −24.5% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −2.8% | −3.4% |

### How closely does EQNR move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Over the past 10 years, EQNR captured 79% of the S&P 500's gains in rising months and 52% of its losses in falling months, with a beta of 0.62. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Only LNG and PBR had a higher capture ratio (upside capture divided by downside capture) than EQNR's 1.51, out of 16 popular alternatives with the same record.
- LNG took just 30% of the S&P 500's losses, against 52% for EQNR, while still keeping 79% of its gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| EQNR: Equinor ASA (this page) | 79.0% | 52.0% | 0.62 |
| [PBR](https://easycompare.io/research/pbr): Petróleo Brasileiro S.A. - Petrobras | 104% | 63.0% | 0.99 |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | 90.0% | 90.0% | 0.96 |
| [E](https://easycompare.io/research/e): Eni S.p.A. | 79.0% | 69.0% | 0.70 |
| [SHEL](https://easycompare.io/research/shel): Shell plc | 60.0% | 43.0% | 0.45 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | 78.0% | 83.0% | 0.76 |
| [CVE](https://easycompare.io/research/cve): Cenovus Energy Inc. | 124% | 173% | 1.69 |
| [LNG](https://easycompare.io/research/lng): Cheniere Energy, Inc. | 79.0% | 30.0% | 0.77 |
| YPF: YPF Sociedad Anónima | 144% | 206% | 1.58 |
| EC: Ecopetrol S.A. | 127% | 139% | 1.13 |
| [ENB](https://easycompare.io/research/enb): Enbridge Inc. | 60.0% | 74.0% | 0.73 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | 94.0% | 92.0% | 0.91 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | 86.0% | 94.0% | 0.89 |
| [BP](https://easycompare.io/research/bp): BP p.l.c. | 58.0% | 62.0% | 0.51 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | 92.0% | 135% | 1.17 |
| [TTE](https://easycompare.io/research/tte): TotalEnergies SE | 69.0% | 57.0% | 0.51 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | 104% | 212% | 1.54 |

### What diversifies EQNR?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in EQNR into SPMO would have cut the portfolio's volatility by 21% over the past 5 years and raised its annual return (+19.4% for EQNR alone, +21.4% for the mix).
- CAH made money in seven of the eight calendar years in which EQNR lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of EQNR over the past 5 years, with correlations of 0.43 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with EQNR | 5Y return | Volatility | Sharpe | Rose in EQNR's 8 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.27 | +119% | 11.1% | 1.48 | 3 of 8 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.03 | +225% | 19.1% | 1.34 | 6 of 8 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.43 | +101% | 14.5% | 1.04 | 4 of 8 |
| HDV: iShares Core High Dividend ETF | 0.37 | +83.3% | 13.0% | 1.00 | 4 of 8 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.14 | +323% | 36.9% | 0.97 | 6 of 8 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.03 | +85.0% | 13.8% | 0.96 | 6 of 8 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | -0.03 | +126% | 18.9% | 0.96 | 6 of 8 |
| SPMO: Invesco S&P 500 Momentum ETF | -0.12 | +136% | 20.8% | 0.93 | 4 of 8 |

## Common questions

### What was EQNR's worst drawdown?

EQNR's deepest decline since it began trading in 2001 was 68.4%, from May to November 2008. It took about ten years from the low to climb back to its old high.

### What were EQNR's best and worst years?

Over 24 full calendar years, EQNR's best year was 2021, when it returned 64.6%. Its worst was 2008, with a return of -43.2%.

### Is there a better investment than EQNR?

Among EQNR's popular alternatives, SU, XOM and E earned more than EQNR with less volatility over the past 5 years. SU returned 33.1% a year at 32.5% volatility, against 19.2% a year at 34.4%. Looking beyond its popular alternatives, DTM (oil & gas midstream) earned more than EQNR with less volatility over the past 5 years: 24.5% a year at 25.2% volatility, against 19.2% a year at 34.4%.

### Is EQNR more volatile than the S&P 500?

Yes. EQNR's volatility over the past 5 years was 34.4%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, EQNR's return lands within 34.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is EQNR's Sharpe ratio?

EQNR's Sharpe ratio over the past 5 years was 0.69, against 0.79 for the S&P 500, so EQNR earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is EQNR with the S&P 500?

Over the past 5 years, EQNR's monthly returns had a correlation of 0.06 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are close to unrelated, or move in opposite directions, so it can steady a stock portfolio. In the table, the correlation column measures each option against EQNR instead: the lower it is, the more that option would diversify a EQNR holding.

### What are the best alternatives to EQNR?

Of the 16 popular alternatives we compared, two outperformed EQNR in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: PBR and SU.

### Did EQNR outperform the S&P 500?

EQNR finished ahead of the S&P 500 (SPY) in 13 of 24 full calendar years. In 2025, it returned +7.7%, against +17.7% for the index.

### How did EQNR do in stock market crashes?

EQNR fell less than the S&P 500 (SPY) in three of the nine major crashes it has traded through, and further in five. The clearest case was the 2015 China and oil sell-off, when EQNR fell 34.9% and the S&P 500 fell 12.8%.

### What diversifies EQNR?

These had a low correlation with EQNR over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.27), DXJ (correlation 0.03) and EMLP (correlation 0.43); among large stocks, CAH (correlation 0.02), CLS (correlation -0.05) and FIX (correlation -0.07). A correlation near zero means the two have moved largely independently.

## More research

- [Petróleo Brasileiro S.A. - Petrobras (PBR) Performance, Alternatives and Market Rank](https://easycompare.io/research/pbr)
- [Suncor Energy (SU) Performance, Alternatives and Market Rank](https://easycompare.io/research/su)
- [Eni S.p.A. (E) Performance, Alternatives and Market Rank](https://easycompare.io/research/e)
- [Shell (SHEL) Performance, Alternatives and Market Rank](https://easycompare.io/research/shel)
- [Exxonmobil (XOM) Performance, Alternatives and Market Rank](https://easycompare.io/research/xom)
- [Cenovus Energy (CVE) Performance, Alternatives and Market Rank](https://easycompare.io/research/cve)
- [Cheniere Energy (LNG) Performance, Alternatives and Market Rank](https://easycompare.io/research/lng)
- [Enbridge (ENB) Performance, Alternatives and Market Rank](https://easycompare.io/research/enb)
- [ConocoPhillips (COP) Performance, Alternatives and Market Rank](https://easycompare.io/research/cop)
- [Chevron (CVX) Performance, Alternatives and Market Rank](https://easycompare.io/research/cvx)
- [BP p.l.c. (BP) Performance, Alternatives and Market Rank](https://easycompare.io/research/bp)
- [EOG Resources (EOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/eog)

## Explore further

- Full page with charts: https://easycompare.io/research/eqnr
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against EQNR live: https://betterthanspy.com/?b=EQNR&utm_source=easycompare&utm_medium=research