EQNR vs. CVX
EQNR (Equinor ASA) and CVX (Chevron Corporation) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 5 years, EQNR returned 18.26%/yr vs 16.33%/yr for CVX. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
EQNR vs. CVX - Performance Comparison
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Returns By Period
In the year-to-date period, EQNR achieves a 56.74% return, which is significantly higher than CVX's 25.18% return.
EQNR
- 1D
- -1.55%
- 1M
- -4.52%
- YTD
- 56.74%
- 6M
- 60.62%
- 1Y
- 44.70%
- 3Y*
- 16.35%
- 5Y*
- 18.26%
- 10Y*
- —
CVX
- 1D
- 0.75%
- 1M
- 1.58%
- YTD
- 25.18%
- 6M
- 27.20%
- 1Y
- 34.55%
- 3Y*
- 10.25%
- 5Y*
- 16.33%
- 10Y*
- 10.94%
EQNR vs. CVX - 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% |
CVX Chevron Corporation | 25.18% | 10.10% | 1.29% | -13.63% | 58.46% | 46.24% | -25.95% | 15.27% | -13.77% |
Correlation
The correlation between EQNR and CVX is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 16, 2018 | 0.67 |
The correlation between EQNR and CVX has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.
Fundamentals
EQNR:
$90.56B
CVX:
$371.80B
EQNR:
$2.15
CVX:
$5.75
EQNR:
16.84
CVX:
32.54
EQNR:
0.52
CVX:
3.17
EQNR:
0.89
CVX:
1.93
EQNR:
2.08
CVX:
2.02
EQNR:
$104.23B
CVX:
$185.89B
EQNR:
$36.46B
CVX:
$47.27B
EQNR:
$39.36B
CVX:
$40.44B
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Return for Risk
EQNR vs. CVX — Risk / Return Rank
EQNR
CVX
EQNR vs. CVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Chevron Corporation (CVX). 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 | CVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 2.48 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.31 | 6.10 | -1.79 |
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Drawdowns
EQNR vs. CVX - Drawdown Comparison
The maximum EQNR drawdown since its inception was -66.77%, which is greater than CVX's maximum drawdown of -55.77%. Use the drawdown chart below to compare losses from any high point for EQNR and CVX.
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Drawdown Indicators
| EQNR | CVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.77% | -55.77% | -11.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.72% | -13.99% | -3.73% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -20.64% | -6.94% |
Max Drawdown (5Y)Largest decline over 5 years | -35.50% | -24.95% | -10.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -55.77% | — |
Current DrawdownCurrent decline from peak | -13.80% | -10.52% | -3.28% |
Average DrawdownAverage peak-to-trough decline | -21.46% | -11.39% | -10.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.41% | 5.68% | +4.73% |
Volatility
EQNR vs. CVX - Volatility Comparison
Equinor ASA (EQNR) has a higher volatility of 10.50% compared to Chevron Corporation (CVX) at 7.62%. This indicates that EQNR's price experiences larger fluctuations and is considered to be riskier than CVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EQNR | CVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.50% | 7.62% | +2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 29.99% | 17.86% | +12.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.03% | 22.06% | +13.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.91% | 25.15% | +8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.25% | 29.16% | +7.09% |
Dividends
EQNR vs. CVX - Dividend Comparison
EQNR's dividend yield for the trailing twelve months is around 4.15%, more than CVX's 3.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVX Chevron Corporation | 3.73% | 4.49% | 4.50% | 4.05% | 3.16% | 4.52% | 6.11% | 3.95% | 4.12% | 3.45% | 3.64% | 4.76% |
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% | 0.00% |
Financials
EQNR vs. CVX - Financials Comparison
This section allows you to compare key financial metrics between Equinor ASA and Chevron Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
EQNR vs. CVX - Profitability Comparison
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%.
CVX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a gross profit of 4.55B and revenue of 47.56B. Therefore, the gross margin over that period was 9.6%.
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%.
CVX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported an operating income of 3.24B and revenue of 47.56B, resulting in an operating margin of 6.8%.
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%.
CVX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Chevron Corporation reported a net income of 2.21B and revenue of 47.56B, resulting in a net margin of 4.7%.
Frequently Asked Questions
EQNR and CVX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQNR has higher volatility (10.50%) compared to CVX (7.62%). In terms of maximum drawdown, EQNR dropped -66.77% vs CVX's -55.77%.
CVX currently has the higher Sharpe Ratio (1.57 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.
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