EQNR vs. SHEL

Last updated Jun 4, 2026

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 19.14%/yr vs 22.88%/yr for SHEL. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

EQNR vs. SHEL - Performance Comparison

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

Returns By Period

In the year-to-date period, EQNR achieves a 64.41% return, which is significantly higher than SHEL's 20.27% return.

EQNR

• 1D: 0.34%
• 1M: -7.22%
• YTD: 64.41%
• 6M: 66.02%
• 1Y: 65.04%
• 3Y*: 22.79%
• 5Y*: 19.14%
• 10Y*: —

SHEL

• 1D: -0.06%
• 1M: -1.91%
• YTD: 20.27%
• 6M: 17.64%
• 1Y: 32.84%
• 3Y*: 18.86%
• 5Y*: 22.88%
• 10Y*: 10.57%

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

EQNR vs. SHEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQNR Equinor ASA	64.41%	7.70%	-15.98%	-0.78%	40.77%	64.55%	-13.57%	-0.99%	-21.06%
SHEL Shell plc	20.27%	22.16%	-0.87%	20.19%	36.18%	34.27%	-41.08%	6.38%	-17.76%

Correlation

The correlation between EQNR and SHEL is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since May 17, 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

Market Cap EQNR : $94.99B SHEL : $247.46B
EPS EQNR : $2.15 SHEL : $6.39
PE Ratio EQNR : 17.67 SHEL : 13.57
PEG Ratio EQNR : 0.55 SHEL : 0.68
PS Ratio EQNR : 0.94 SHEL : 0.95
PB Ratio EQNR : 2.18 SHEL : 1.43
Total Revenue (TTM) EQNR : $104.23B SHEL : $266.82B
Gross Profit (TTM) EQNR : $36.46B SHEL : $41.65B
EBITDA (TTM) EQNR : $39.36B SHEL : $57.44B

Return for Risk

EQNR vs. SHEL — Risk / Return Rank

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

EQNR

EQNR Risk / Return Rank: 82
EQNR Sharpe Ratio Rank: 85
EQNR Sortino Ratio Rank: 79
EQNR Omega Ratio Rank: 80
EQNR Calmar Ratio Rank: 86
EQNR Martin Ratio Rank: 79

SHEL

SHEL Risk / Return Rank: 80
SHEL Sharpe Ratio Rank: 82
SHEL Sortino Ratio Rank: 76
SHEL Omega Ratio Rank: 75
SHEL Calmar Ratio Rank: 82
SHEL 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. 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.

	EQNR	SHEL	Difference
Sharpe ratio Return per unit of total volatility	1.83	1.57	+0.26
Sortino ratio Return per unit of downside risk	2.31	2.12	+0.20
Omega ratio Gain probability vs. loss probability	1.31	1.27	+0.04
Calmar ratio Return relative to maximum drawdown	3.69	3.05	+0.64
Martin ratio Return relative to average drawdown	6.38	8.75	-2.37
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. SHEL - Sharpe Ratio Comparison

The current EQNR Sharpe Ratio is 1.83, which is comparable to the SHEL Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of EQNR and SHEL, 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	SHEL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.57	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.91	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.22	+0.08

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.

Drawdown Indicators

	EQNR	SHEL	Difference
Max Drawdown Largest peak-to-trough decline	-66.77%	-71.57%	+4.80%
Max Drawdown (1Y) Largest decline over 1 year	-17.72%	-10.81%	-6.91%
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 Drawdown Current decline from peak	-9.58%	-7.00%	-2.58%
Average Drawdown Average peak-to-trough decline	-21.50%	-16.74%	-4.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.22%	3.76%	+6.46%

Volatility

EQNR vs. SHEL - Volatility Comparison

Equinor ASA (EQNR) has a higher volatility of 13.51% compared to Shell plc (SHEL) at 7.27%. 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.

Volatility by Period

	EQNR	SHEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.51%	7.27%	+6.24%
Volatility (6M) Calculated over the trailing 6-month period	29.62%	17.46%	+12.16%
Volatility (1Y) Calculated over the trailing 1-year period	35.82%	21.03%	+14.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	25.20%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.28%	30.86%	+5.42%

Dividends

EQNR vs. SHEL - Dividend Comparison

EQNR's dividend yield for the trailing twelve months is around 3.95%, more than SHEL's 3.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQNR Equinor ASA	3.95%	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	3.41%	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 - Profitability Comparison

The chart below illustrates the profitability comparison between Equinor ASA and Shell plc 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%.

SHEL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Shell plc reported a gross profit of 13.31B and revenue of 69.57B. Therefore, the gross margin over that period was 19.1%.

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%.

SHEL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Shell plc reported an operating income of 10.35B and revenue of 69.57B, resulting in an operating margin of 14.9%.

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%.

SHEL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Shell plc reported a net income of 5.68B and revenue of 69.57B, resulting in a net margin of 8.2%.

Frequently Asked Questions

Can I hold both EQNR and SHEL in my portfolio?

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.

Which is riskier, EQNR or SHEL?

EQNR has higher volatility (13.51%) compared to SHEL (7.27%). In terms of maximum drawdown, EQNR dropped -66.77% vs SHEL's -71.57%.

Which has better risk-adjusted returns?

EQNR currently has the higher Sharpe Ratio (1.83 vs 1.57), 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.