EQNR vs. SHEL
EQNR (Equinor ASA) and SHEL (Shell plc) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 5 years, EQNR returned 23.33%/yr vs 22.09%/yr for SHEL. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
EQNR vs. SHEL - Performance Comparison
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Returns By Period
In the year-to-date period, EQNR achieves a 69.69% return, which is significantly higher than SHEL's 24.53% return.
EQNR
- 1D
- -1.85%
- 1M
- 22.25%
- 6M
- 52.24%
- YTD
- 69.69%
- 1Y
- 63.93%
- 3Y*
- 18.33%
- 5Y*
- 23.33%
- 10Y*
- —
- ALL TIME*
- 11.15%
SHEL
- 1D
- -1.36%
- 1M
- 15.15%
- 6M
- 17.87%
- YTD
- 24.53%
- 1Y
- 29.84%
- 3Y*
- 18.33%
- 5Y*
- 22.09%
- 10Y*
- 10.30%
- ALL TIME*
- 6.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
EQNR Equinor ASA | $164.63M | $152.52M | $142.52M |
SHEL Shell plc | $706.59M | $606.74M | $584.98M |
EQNR vs. SHEL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EQNR Equinor ASA | 69.69% | 7.70% | -15.98% | -0.78% | 40.77% | 64.55% | -13.57% | -0.99% | -21.06% |
SHEL Shell plc | 24.53% | 22.16% | -0.87% | 20.19% | 36.18% | 34.27% | -41.08% | 6.38% | -18.33% |
Correlation
The correlation between EQNR and SHEL is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 16, 2018 | 0.73 |
The correlation between EQNR and SHEL has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.
Fundamentals
EQNR:
$93.65B
SHEL:
$250.48B
EQNR:
$3.59
SHEL:
$9.02
EQNR:
10.91
SHEL:
9.97
EQNR:
0.34
SHEL:
0.50
EQNR:
0.87
SHEL:
0.87
EQNR:
2.22
SHEL:
1.40
EQNR:
$113.62B
SHEL:
$296.60B
EQNR:
$43.36B
SHEL:
$50.77B
EQNR:
$46.11B
SHEL:
$67.91B
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Return for Risk
EQNR vs. SHEL — Risk / Return Rank
EQNR
SHEL
EQNR vs. SHEL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Shell plc (SHEL). 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 | SHEL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.67 | +0.80 |
| Martin ratioReturn relative to average drawdown | 7.17 | 5.10 | +2.08 |
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Drawdowns
EQNR vs. SHEL - Drawdown Comparison
The maximum EQNR drawdown since its inception was -66.77%, smaller than the maximum SHEL drawdown of -71.57%. Use the drawdown chart below to compare losses from any high point for EQNR and SHEL.
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Drawdown Indicators
| EQNR | SHEL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.77% | -71.57% | +4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -26.07% | -17.98% | -8.09% |
Max Drawdown (3Y)Largest decline over 3 years | -27.58% | -18.47% | -9.11% |
Max Drawdown (5Y)Largest decline over 5 years | -35.50% | -25.04% | -10.46% |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.57% | — |
Current DrawdownCurrent decline from peak | -6.67% | -3.71% | -2.96% |
Average DrawdownAverage peak-to-trough decline | -21.36% | -16.69% | -4.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.94% | 5.87% | +3.07% |
Volatility
EQNR vs. SHEL - Volatility Comparison
Equinor ASA (EQNR) has a higher volatility of 14.65% compared to Shell plc (SHEL) at 7.54%. This indicates that EQNR's price experiences larger fluctuations and is considered to be riskier than SHEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EQNR | SHEL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.65% | 7.54% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 32.32% | 18.16% | +14.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.90% | 22.05% | +15.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.32% | 25.00% | +9.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.45% | 30.69% | +5.76% |
Dividends
EQNR vs. SHEL - Dividend Comparison
EQNR's dividend yield for the trailing twelve months is around 3.83%, more than SHEL's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQNR Equinor ASA | 3.83% | 7.66% | 12.66% | 11.38% | 3.30% | 2.13% | 4.32% | 5.07% | 3.26% | 0.00% | 0.00% | 0.00% |
SHEL Shell plc | 3.29% | 3.90% | 4.39% | 3.76% | 3.48% | 3.78% | 5.69% | 6.27% | 6.27% | 2.75% | 6.49% | 8.17% |
Financials
EQNR vs. SHEL - Financials Comparison
This section allows you to compare key financial metrics between Equinor ASA and Shell plc. 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. SHEL - Profitability Comparison
EQNR - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported a gross profit of 15.87B and revenue of 34.52B. Therefore, the gross margin over that period was 46.0%.
SHEL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Shell plc reported a gross profit of 18.48B and revenue of 94.66B. Therefore, the gross margin over that period was 19.5%.
EQNR - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported an operating income of 12.86B and revenue of 34.52B, resulting in an operating margin of 37.3%.
SHEL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Shell plc reported an operating income of 15.18B and revenue of 94.66B, resulting in an operating margin of 16.0%.
EQNR - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported a net income of 4.85B and revenue of 34.52B, resulting in a net margin of 14.0%.
SHEL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Shell plc reported a net income of 10.82B and revenue of 94.66B, resulting in a net margin of 11.4%.
Frequently Asked Questions
EQNR and SHEL have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQNR has higher volatility (14.65%) compared to SHEL (7.54%). In terms of maximum drawdown, EQNR dropped -66.77% vs SHEL's -71.57%.
EQNR currently has the higher Sharpe Ratio (1.70 vs 1.36), 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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