HAL vs. NOV

Last updated Jun 3, 2026

HAL (Halliburton Company) and NOV (National Oilwell Varco, Inc.) are both stocks. Both operate in the Oil & Gas Equipment & Services industry within the Energy sector. Over the past 10 years, HAL returned 1.24%/yr vs -3.26%/yr for NOV. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

HAL vs. NOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Halliburton Company (HAL) and National Oilwell Varco, Inc. (NOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HAL achieves a 42.69% return, which is significantly higher than NOV's 32.07% return. Over the past 10 years, HAL has outperformed NOV with an annualized return of 1.24%, while NOV has yielded a comparatively lower -3.26% annualized return.

HAL

• 1D: 1.98%
• 1M: -3.67%
• YTD: 42.69%
• 6M: 50.80%
• 1Y: 106.05%
• 3Y*: 10.75%
• 5Y*: 12.22%
• 10Y*: 1.24%

NOV

• 1D: 2.25%
• 1M: 3.44%
• YTD: 32.07%
• 6M: 35.27%
• 1Y: 75.35%
• 3Y*: 11.65%
• 5Y*: 4.83%
• 10Y*: -3.26%

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

HAL vs. NOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAL Halliburton Company	42.69%	7.02%	-23.19%	-6.47%	74.45%	21.99%	-21.23%	-4.90%	-44.63%	-8.18%
NOV National Oilwell Varco, Inc.	32.07%	11.30%	-26.81%	-1.83%	55.72%	-0.89%	-44.93%	-1.69%	-28.28%	-3.23%

Correlation

The correlation between HAL and NOV 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	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 30, 1996	0.71

The correlation between HAL and NOV has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Fundamentals

Market Cap HAL : $33.67B NOV : $7.44B
EPS HAL : $1.82 NOV : $0.25
PE Ratio HAL : 22.09 NOV : 83.04
PEG Ratio HAL : 3.52 NOV : 1.01
PS Ratio HAL : 1.53 NOV : 0.87
PB Ratio HAL : 3.11 NOV : 1.19
Total Revenue (TTM) HAL : $22.17B NOV : $8.69B
Gross Profit (TTM) HAL : $3.40B NOV : $1.70B
EBITDA (TTM) HAL : $3.83B NOV : $633.00M

Return for Risk

HAL vs. NOV — Risk / Return Rank

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

HAL

HAL Risk / Return Rank: 94
HAL Sharpe Ratio Rank: 94
HAL Sortino Ratio Rank: 93
HAL Omega Ratio Rank: 90
HAL Calmar Ratio Rank: 96
HAL Martin Ratio Rank: 96

NOV

NOV Risk / Return Rank: 87
NOV Sharpe Ratio Rank: 87
NOV Sortino Ratio Rank: 83
NOV Omega Ratio Rank: 81
NOV Calmar Ratio Rank: 90
NOV Martin Ratio Rank: 90

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.

HAL vs. NOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Halliburton Company (HAL) and National Oilwell Varco, Inc. (NOV). 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.

	HAL	NOV	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.01	+0.91
Sortino ratio Return per unit of downside risk	3.65	2.59	+1.06
Omega ratio Gain probability vs. loss probability	1.44	1.32	+0.11
Calmar ratio Return relative to maximum drawdown	8.43	4.84	+3.59
Martin ratio Return relative to average drawdown	22.07	12.60	+9.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAL vs. NOV - Sharpe Ratio Comparison

The current HAL Sharpe Ratio is 2.92, which is higher than the NOV Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of HAL and NOV, 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

	HAL	NOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.01	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.11	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.03	-0.07	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.12	+0.02

Drawdowns

HAL vs. NOV - Drawdown Comparison

The maximum HAL drawdown since its inception was -92.99%, roughly equal to the maximum NOV drawdown of -89.77%. Use the drawdown chart below to compare losses from any high point for HAL and NOV.

Drawdown Indicators

	HAL	NOV	Difference
Max Drawdown Largest peak-to-trough decline	-92.99%	-89.77%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-13.10%	-16.10%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-54.01%	-47.15%	-6.86%
Max Drawdown (5Y) Largest decline over 5 years	-54.01%	-53.70%	-0.31%
Max Drawdown (10Y) Largest decline over 10 years	-91.45%	-83.26%	-8.19%
Current Drawdown Current decline from peak	-32.28%	-71.43%	+39.15%
Average Drawdown Average peak-to-trough decline	-39.13%	-45.17%	+6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.01%	6.18%	-1.17%

Volatility

HAL vs. NOV - Volatility Comparison

The current volatility for Halliburton Company (HAL) is 8.85%, while National Oilwell Varco, Inc. (NOV) has a volatility of 9.77%. This indicates that HAL experiences smaller price fluctuations and is considered to be less risky than NOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAL	NOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.85%	9.77%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	23.45%	25.56%	-2.11%
Volatility (1Y) Calculated over the trailing 1-year period	36.54%	37.69%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.10%	42.31%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.97%	47.32%	-1.35%

Dividends

HAL vs. NOV - Dividend Comparison

HAL's dividend yield for the trailing twelve months is around 1.69%, less than NOV's 1.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAL Halliburton Company	1.69%	2.41%	2.50%	1.77%	1.22%	0.79%	1.67%	2.94%	2.71%	1.47%	1.33%	2.12%
NOV National Oilwell Varco, Inc.	1.98%	3.26%	1.88%	0.99%	0.96%	0.37%	0.36%	0.80%	0.78%	0.56%	1.63%	5.49%

Financials

HAL vs. NOV - Profitability Comparison

The chart below illustrates the profitability comparison between Halliburton Company and National Oilwell Varco, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HAL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Halliburton Company reported a gross profit of 790.00M and revenue of 5.40B. Therefore, the gross margin over that period was 14.6%.

NOV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Oilwell Varco, Inc. reported a gross profit of 379.00M and revenue of 2.05B. Therefore, the gross margin over that period was 18.5%.

HAL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Halliburton Company reported an operating income of 679.00M and revenue of 5.40B, resulting in an operating margin of 12.6%.

NOV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Oilwell Varco, Inc. reported an operating income of 47.00M and revenue of 2.05B, resulting in an operating margin of 2.3%.

HAL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Halliburton Company reported a net income of 461.00M and revenue of 5.40B, resulting in a net margin of 8.5%.

NOV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Oilwell Varco, Inc. reported a net income of 19.00M and revenue of 2.05B, resulting in a net margin of 0.9%.

Frequently Asked Questions

Can I hold both HAL and NOV in my portfolio?

HAL and NOV 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, HAL or NOV?

NOV has higher volatility (9.77%) compared to HAL (8.85%). In terms of maximum drawdown, HAL dropped -92.99% vs NOV's -89.77%.

Which has better risk-adjusted returns?

HAL currently has the higher Sharpe Ratio (2.92 vs 2.01), 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.