EQNR vs. AII.AX

Last updated Jun 10, 2026

EQNR (Equinor ASA) and AII.AX (Almonty Industries Inc.) are both stocks. EQNR operates in Oil & Gas Integrated (Energy), while AII.AX operates in Other Industrial Metals & Mining (Basic Materials). Over the past 3 years, EQNR returned 18.01%/yr vs 167.62%/yr for AII.AX. At a 0.07 correlation, their price movements are largely independent.

Performance

EQNR vs. AII.AX - Performance Comparison

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

Different Trading Currencies

EQNR is traded in USD, while AII.AX is traded in AUD. To make them comparable, the AII.AX values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, EQNR achieves a 58.52% return, which is significantly lower than AII.AX's 122.96% return.

EQNR

• 1D: -2.69%
• 1M: 0.75%
• YTD: 58.52%
• 6M: 63.00%
• 1Y: 56.35%
• 3Y*: 18.01%
• 5Y*: 18.44%
• 10Y*: —

AII.AX

• 1D: 0.00%
• 1M: -0.86%
• YTD: 122.96%
• 6M: 170.95%
• 1Y: 288.34%
• 3Y*: 167.62%
• 5Y*: —
• 10Y*: —

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

EQNR vs. AII.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EQNR Equinor ASA	58.52%	7.70%	-15.98%	-0.78%	40.77%	36.52%
AII.AX Almonty Industries Inc.	89.60%	556.86%	45.41%	-27.47%	-18.15%	-6.46%

Correlation

The correlation between EQNR and AII.AX is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 2, 2021	0.07

The correlation between EQNR and AII.AX shifts across timeframes, from -0.11 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EQNR vs. AII.AX — Risk / Return Rank

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

EQNR

EQNR Risk / Return Rank: 81
EQNR Sharpe Ratio Rank: 84
EQNR Sortino Ratio Rank: 79
EQNR Omega Ratio Rank: 78
EQNR Calmar Ratio Rank: 85
EQNR Martin Ratio Rank: 79

AII.AX

AII.AX Risk / Return Rank: 86
AII.AX Sharpe Ratio Rank: 90
AII.AX Sortino Ratio Rank: 84
AII.AX Omega Ratio Rank: 86
AII.AX Calmar Ratio Rank: 87
AII.AX Martin Ratio Rank: 84

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. AII.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Almonty Industries Inc. (AII.AX). 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.

	EQNR	AII.AX	Difference
Sharpe ratio: Return per unit of total volatility	1.57	3.02	-1.44
Sortino ratio: Return per unit of downside risk	2.08	2.94	-0.86
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	3.20	5.01	-1.82
Martin ratio: Return relative to average drawdown	5.47	10.60	-5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQNR vs. AII.AX - Sharpe Ratio Comparison

The current EQNR Sharpe Ratio is 1.57, which is lower than the AII.AX Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of EQNR and AII.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EQNR	AII.AX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	3.02	-1.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.04	-0.75

Drawdowns

EQNR vs. AII.AX - Drawdown Comparison

The maximum EQNR drawdown since its inception was -66.77%, which is greater than AII.AX's maximum drawdown of -59.63%. Use the drawdown chart below to compare losses from any high point for EQNR and AII.AX.

Drawdown Indicators

	EQNR	AII.AX	Difference
Max Drawdown Largest peak-to-trough decline	-66.77%	-59.63%	-7.14%
Max Drawdown (1Y) Largest decline over 1 year	-17.72%	-53.59%	+35.87%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-53.59%	+26.01%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	—	—
Current Drawdown Current decline from peak	-12.82%	-15.79%	+2.97%
Average Drawdown Average peak-to-trough decline	-21.47%	-26.29%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.32%	25.84%	-15.52%

Volatility

EQNR vs. AII.AX - Volatility Comparison

The current volatility for Equinor ASA (EQNR) is 10.82%, while Almonty Industries Inc. (AII.AX) has a volatility of 21.21%. This indicates that EQNR experiences smaller price fluctuations and is considered to be less risky than AII.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQNR	AII.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	21.21%	-10.39%
Volatility (6M) Calculated over the trailing 6-month period	29.77%	60.12%	-30.35%
Volatility (1Y) Calculated over the trailing 1-year period	36.00%	89.26%	-53.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	62.75%	-28.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.26%	62.75%	-26.49%

Dividends

EQNR vs. AII.AX - Dividend Comparison

EQNR's dividend yield for the trailing twelve months is around 4.10%, while AII.AX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
AII.AX Almonty Industries Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EQNR Equinor ASA	4.10%	7.66%	12.66%	11.38%	3.30%	2.13%	4.32%	5.07%	3.26%

Financials

Frequently Asked Questions

Can I hold both EQNR and AII.AX in my portfolio?

EQNR and AII.AX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.