EQNR vs. AA

Last updated Jun 13, 2026

EQNR (Equinor ASA) and AA (Alcoa Corporation) are both stocks. EQNR operates in Oil & Gas Integrated (Energy), while AA operates in Aluminum (Basic Materials). Over the past 5 years, EQNR returned 18.26%/yr vs 14.08%/yr for AA. At a 0.41 correlation, their price movements are largely independent.

Performance

EQNR vs. AA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equinor ASA (EQNR) and Alcoa Corporation (AA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQNR achieves a 56.74% return, which is significantly higher than AA's 29.83% return.

EQNR

• 1D: -1.55%
• 1M: -4.52%
• YTD: 56.74%
• 6M: 60.62%
• 1Y: 44.70%
• 3Y*: 16.35%
• 5Y*: 18.26%
• 10Y*: —

AA

• 1D: -0.30%
• 1M: 0.64%
• YTD: 29.83%
• 6M: 49.53%
• 1Y: 140.52%
• 3Y*: 24.73%
• 5Y*: 14.08%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQNR vs. AA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQNR Equinor ASA	56.74%	7.70%	-15.98%	-0.78%	40.77%	64.55%	-13.57%	-0.99%	-21.06%
AA Alcoa Corporation	29.83%	42.46%	12.43%	-24.33%	-23.12%	159.05%	7.16%	-19.07%	-47.41%

Correlation

The correlation between EQNR and AA is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 16, 2018	0.41

Over the past year, the correlation between EQNR and AA has dropped to 0.01 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Fundamentals

Market Cap EQNR : $90.56B AA : $18.13B
EPS EQNR : $2.15 AA : $3.92
PE Ratio EQNR : 16.84 AA : 17.55
PEG Ratio EQNR : 0.52 AA : 0.05
PS Ratio EQNR : 0.89 AA : 1.42
PB Ratio EQNR : 2.08 AA : 2.66
Total Revenue (TTM) EQNR : $104.23B AA : $12.66B
Gross Profit (TTM) EQNR : $36.46B AA : $948.00M
EBITDA (TTM) EQNR : $39.36B AA : $1.70B

Return for Risk

EQNR vs. AA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQNR

EQNR Risk / Return Rank: 76
EQNR Sharpe Ratio Rank: 79
EQNR Sortino Ratio Rank: 73
EQNR Omega Ratio Rank: 72
EQNR Calmar Ratio Rank: 81
EQNR Martin Ratio Rank: 74

AA

AA Risk / Return Rank: 92
AA Sharpe Ratio Rank: 94
AA Sortino Ratio Rank: 90
AA Omega Ratio Rank: 87
AA Calmar Ratio Rank: 95
AA Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQNR vs. AA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Alcoa Corporation (AA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EQNR	AA	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.60	-1.35
Sortino ratio: Return per unit of downside risk	1.75	3.05	-1.29
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	2.54	6.49	-3.96
Martin ratio: Return relative to average drawdown	4.31	20.55	-16.24

EQNR vs. AA - Sharpe Ratio Comparison

The current EQNR Sharpe Ratio is 1.25, which is lower than the AA Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of EQNR and AA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQNR vs. AA - Drawdown Comparison

The maximum EQNR drawdown since its inception was -66.77%, smaller than the maximum AA drawdown of -90.90%. Use the drawdown chart below to compare losses from any high point for EQNR and AA.

Drawdown Indicators

	EQNR	AA	Difference
Max Drawdown Largest peak-to-trough decline	-66.77%	-90.90%	+24.13%
Max Drawdown (1Y) Largest decline over 1 year	-17.72%	-21.77%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-52.25%	+24.67%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	-75.46%	+39.96%
Current Drawdown Current decline from peak	-13.80%	-24.27%	+10.47%
Average Drawdown Average peak-to-trough decline	-21.46%	-46.12%	+24.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.41%	6.87%	+3.54%

Volatility

EQNR vs. AA - Volatility Comparison

The current volatility for Equinor ASA (EQNR) is 10.50%, while Alcoa Corporation (AA) has a volatility of 21.35%. This indicates that EQNR experiences smaller price fluctuations and is considered to be less risky than AA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQNR	AA	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.50%	21.35%	-10.85%
Volatility (6M) Calculated over the trailing 6-month period	29.99%	41.11%	-11.12%
Volatility (1Y) Calculated over the trailing 1-year period	36.03%	54.44%	-18.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.91%	56.26%	-22.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.25%	55.66%	-19.41%

Dividends

EQNR vs. AA - Dividend Comparison

EQNR's dividend yield for the trailing twelve months is around 4.15%, more than AA's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
AA Alcoa Corporation	0.58%	0.75%	1.06%	1.18%	0.88%	0.17%	0.00%	0.00%	0.00%	0.00%	0.32%
EQNR Equinor ASA	4.15%	7.66%	12.66%	11.38%	3.30%	2.13%	4.32%	5.07%	3.26%	0.00%	0.00%

Financials

EQNR vs. AA - Profitability Comparison

The chart below illustrates the profitability comparison between Equinor ASA and Alcoa Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

EQNR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported a gross profit of 12.33B and revenue of 27.82B. Therefore, the gross margin over that period was 44.3%.

AA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported a gross profit of 0.00 and revenue of 3.19B. Therefore, the gross margin over that period was 0.0%.

EQNR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported an operating income of 8.80B and revenue of 27.82B, resulting in an operating margin of 31.7%.

AA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported an operating income of 0.00 and revenue of 3.19B, resulting in an operating margin of 0.0%.

EQNR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported a net income of 3.11B and revenue of 27.82B, resulting in a net margin of 11.2%.

AA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Alcoa Corporation reported a net income of 425.00M and revenue of 3.19B, resulting in a net margin of 13.3%.

Frequently Asked Questions

Can I hold both EQNR and AA in my portfolio?

EQNR and AA have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQNR or AA?

AA has higher volatility (21.35%) compared to EQNR (10.50%). In terms of maximum drawdown, EQNR dropped -66.77% vs AA's -90.90%.

Which has better risk-adjusted returns?

AA currently has the higher Sharpe Ratio (2.60 vs 1.25), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.