EQNR vs. VDE

Last updated Jun 5, 2026

EQNR (Equinor ASA) is a stock, while VDE (Vanguard Energy ETF) is Energy Equities fund tracking the MSCI US Investable Market Energy 25/50 Index. Over the past 5 years, EQNR returned 18.95%/yr vs 20.47%/yr for VDE. A 0.73 correlation means they provide meaningful diversification when combined.

Performance

EQNR vs. VDE - Performance Comparison

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

Returns By Period

In the year-to-date period, EQNR achieves a 63.11% return, which is significantly higher than VDE's 32.48% return.

EQNR

• 1D: -0.79%
• 1M: -8.04%
• YTD: 63.11%
• 6M: 64.92%
• 1Y: 65.37%
• 3Y*: 21.91%
• 5Y*: 18.95%
• 10Y*: —

VDE

• 1D: 0.18%
• 1M: -1.99%
• YTD: 32.48%
• 6M: 28.99%
• 1Y: 48.54%
• 3Y*: 18.32%
• 5Y*: 20.47%
• 10Y*: 9.47%

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

EQNR vs. VDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQNR Equinor ASA	63.11%	7.70%	-15.98%	-0.78%	40.77%	64.55%	-13.57%	-0.99%	-21.06%
VDE Vanguard Energy ETF	32.48%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-26.36%

Correlation

The correlation between EQNR and VDE is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 17, 2018	0.73

The correlation between EQNR and VDE has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

EQNR vs. VDE — Risk / Return Rank

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

EQNR

EQNR Risk / Return Rank: 83
EQNR Sharpe Ratio Rank: 86
EQNR Sortino Ratio Rank: 80
EQNR Omega Ratio Rank: 80
EQNR Calmar Ratio Rank: 87
EQNR Martin Ratio Rank: 80

VDE

VDE Risk / Return Rank: 71
VDE Sharpe Ratio Rank: 75
VDE Sortino Ratio Rank: 68
VDE Omega Ratio Rank: 65
VDE Calmar Ratio Rank: 81
VDE Martin Ratio Rank: 67

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. VDE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinor ASA (EQNR) and Vanguard Energy ETF (VDE). 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	VDE	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.41	-0.58
Sortino ratio: Return per unit of downside risk	2.32	3.06	-0.73
Omega ratio: Gain probability vs. loss probability	1.31	1.39	-0.08
Calmar ratio: Return relative to maximum drawdown	3.71	4.13	-0.43
Martin ratio: Return relative to average drawdown	6.40	12.11	-5.71
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. VDE - Sharpe Ratio Comparison

The current EQNR Sharpe Ratio is 1.83, which is comparable to the VDE Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of EQNR and VDE, 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	VDE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.41	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.78	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.32	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.28	+0.02

Drawdowns

EQNR vs. VDE - Drawdown Comparison

The maximum EQNR drawdown since its inception was -66.77%, smaller than the maximum VDE drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for EQNR and VDE.

Drawdown Indicators

	EQNR	VDE	Difference
Max Drawdown Largest peak-to-trough decline	-66.77%	-74.20%	+7.43%
Max Drawdown (1Y) Largest decline over 1 year	-17.72%	-11.80%	-5.92%
Max Drawdown (3Y) Largest decline over 3 years	-27.58%	-21.41%	-6.17%
Max Drawdown (5Y) Largest decline over 5 years	-35.50%	-26.58%	-8.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-69.29%	—
Current Drawdown Current decline from peak	-10.29%	-6.27%	-4.02%
Average Drawdown Average peak-to-trough decline	-21.50%	-19.96%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.24%	4.02%	+6.22%

Volatility

EQNR vs. VDE - Volatility Comparison

Equinor ASA (EQNR) has a higher volatility of 13.50% compared to Vanguard Energy ETF (VDE) at 7.99%. This indicates that EQNR's price experiences larger fluctuations and is considered to be riskier than VDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQNR	VDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.50%	7.99%	+5.51%
Volatility (6M) Calculated over the trailing 6-month period	29.64%	16.27%	+13.37%
Volatility (1Y) Calculated over the trailing 1-year period	35.83%	20.34%	+15.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	26.40%	+7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.27%	29.93%	+6.34%

Dividends

EQNR vs. VDE - Dividend Comparison

EQNR's dividend yield for the trailing twelve months is around 3.98%, more than VDE's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQNR Equinor ASA	3.98%	7.66%	12.66%	11.38%	3.30%	2.13%	4.32%	5.07%	3.26%	0.00%	0.00%	0.00%
VDE Vanguard Energy ETF	2.37%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%

Frequently Asked Questions

Can I hold both EQNR and VDE in my portfolio?

EQNR and VDE have a correlation of 0.74, 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 VDE?

EQNR has higher volatility (13.50%) compared to VDE (7.99%). In terms of maximum drawdown, EQNR dropped -66.77% vs VDE's -74.20%.

Which has better risk-adjusted returns?

VDE currently has the higher Sharpe Ratio (2.41 vs 1.83), 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.