HLX vs. NOV

Last updated Jun 4, 2026

HLX (Helix Energy Solutions Group, Inc.) 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, HLX returned 1.76%/yr vs -3.09%/yr for NOV. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

HLX vs. NOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Helix Energy Solutions Group, Inc. (HLX) 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, HLX achieves a 52.15% return, which is significantly higher than NOV's 34.46% return. Over the past 10 years, HLX has outperformed NOV with an annualized return of 1.76%, while NOV has yielded a comparatively lower -3.09% annualized return.

HLX

• 1D: -1.85%
• 1M: -6.93%
• YTD: 52.15%
• 6M: 30.68%
• 1Y: 42.18%
• 3Y*: 10.71%
• 5Y*: 8.11%
• 10Y*: 1.76%

NOV

• 1D: 1.81%
• 1M: 4.83%
• YTD: 34.46%
• 6M: 29.37%
• 1Y: 71.91%
• 3Y*: 12.32%
• 5Y*: 5.23%
• 10Y*: -3.09%

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

HLX vs. NOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLX Helix Energy Solutions Group, Inc.	52.15%	-32.73%	-9.34%	39.30%	136.54%	-25.71%	-56.39%	78.00%	-28.25%	-14.51%
NOV National Oilwell Varco, Inc.	34.46%	11.30%	-26.81%	-1.83%	55.72%	-0.89%	-44.93%	-1.69%	-28.28%	-3.23%

Correlation

The correlation between HLX and NOV is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 2, 1997	0.60

The correlation between HLX and NOV has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

Fundamentals

Market Cap HLX : $1.40B NOV : $7.58B
EPS HLX : $0.10 NOV : $0.25
PE Ratio HLX : 98.49 NOV : 84.54
PEG Ratio HLX : 2.19 NOV : 1.03
PS Ratio HLX : 1.09 NOV : 0.88
PB Ratio HLX : 0.86 NOV : 1.21
Total Revenue (TTM) HLX : $1.30B NOV : $8.69B
Gross Profit (TTM) HLX : $140.43M NOV : $1.70B
EBITDA (TTM) HLX : $178.55M NOV : $633.00M

Return for Risk

HLX vs. NOV — Risk / Return Rank

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

HLX

HLX Risk / Return Rank: 68
HLX Sharpe Ratio Rank: 68
HLX Sortino Ratio Rank: 63
HLX Omega Ratio Rank: 63
HLX Calmar Ratio Rank: 74
HLX Martin Ratio Rank: 72

NOV

NOV Risk / Return Rank: 86
NOV Sharpe Ratio Rank: 87
NOV Sortino Ratio Rank: 82
NOV Omega Ratio Rank: 81
NOV Calmar Ratio Rank: 89
NOV Martin Ratio Rank: 89

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.

HLX vs. NOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Helix Energy Solutions Group, Inc. (HLX) 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.

	HLX	NOV	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.93	-1.03
Sortino ratio: Return per unit of downside risk	1.43	2.51	-1.08
Omega ratio: Gain probability vs. loss probability	1.19	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	2.03	4.49	-2.46
Martin ratio: Return relative to average drawdown	4.22	11.67	-7.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLX vs. NOV - Sharpe Ratio Comparison

The current HLX Sharpe Ratio is 0.89, which is lower than the NOV Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HLX 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

	HLX	NOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	1.93	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.12	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.03	-0.07	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.13	-0.09

Drawdowns

HLX vs. NOV - Drawdown Comparison

The maximum HLX drawdown since its inception was -97.87%, which is greater than NOV's maximum drawdown of -89.77%. Use the drawdown chart below to compare losses from any high point for HLX and NOV.

Drawdown Indicators

	HLX	NOV	Difference
Max Drawdown Largest peak-to-trough decline	-97.87%	-89.77%	-8.10%
Max Drawdown (1Y) Largest decline over 1 year	-20.83%	-16.10%	-4.73%
Max Drawdown (3Y) Largest decline over 3 years	-55.54%	-47.15%	-8.39%
Max Drawdown (5Y) Largest decline over 5 years	-61.66%	-53.70%	-7.96%
Max Drawdown (10Y) Largest decline over 10 years	-91.46%	-83.26%	-8.20%
Current Drawdown Current decline from peak	-79.63%	-70.91%	-8.72%
Average Drawdown Average peak-to-trough decline	-55.20%	-45.18%	-10.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.02%	6.18%	+3.84%

Volatility

HLX vs. NOV - Volatility Comparison

Helix Energy Solutions Group, Inc. (HLX) has a higher volatility of 10.70% compared to National Oilwell Varco, Inc. (NOV) at 9.90%. This indicates that HLX's price experiences larger fluctuations and is considered to be riskier than NOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLX	NOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	9.90%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	34.08%	25.61%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	48.02%	37.70%	+10.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.56%	42.31%	+9.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.74%	47.32%	+18.42%

Dividends

HLX vs. NOV - Dividend Comparison

HLX has not paid dividends to shareholders, while NOV's dividend yield for the trailing twelve months is around 1.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HLX Helix Energy Solutions Group, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NOV National Oilwell Varco, Inc.	1.95%	3.26%	1.88%	0.99%	0.96%	0.37%	0.36%	0.80%	0.78%	0.56%	1.63%	5.49%

Financials

HLX vs. NOV - Profitability Comparison

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

HLX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Helix Energy Solutions Group, Inc. reported a gross profit of 8.83M and revenue of 287.95M. Therefore, the gross margin over that period was 3.1%.

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%.

HLX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Helix Energy Solutions Group, Inc. reported an operating income of -13.32M and revenue of 287.95M, resulting in an operating margin of -4.6%.

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%.

HLX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Helix Energy Solutions Group, Inc. reported a net income of -13.41M and revenue of 287.95M, resulting in a net margin of -4.7%.

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 HLX and NOV in my portfolio?

HLX and NOV have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLX or NOV?

HLX has higher volatility (10.70%) compared to NOV (9.90%). In terms of maximum drawdown, HLX dropped -97.87% vs NOV's -89.77%.

Which has better risk-adjusted returns?

NOV currently has the higher Sharpe Ratio (1.93 vs 0.89), 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.