NE vs. RIG

Last updated Jun 23, 2026

NE (Noble Corporation) and RIG (Transocean Ltd.) are both stocks. Both operate in the Oil & Gas Drilling industry within the Energy sector. Over the past 5 years, NE returned 14.96%/yr vs 4.65%/yr for RIG. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

NE vs. RIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Noble Corporation (NE) and Transocean Ltd. (RIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NE achieves a 53.27% return, which is significantly higher than RIG's 30.99% return.

NE

• 1D: 1.61%
• 1M: -17.68%
• YTD: 53.27%
• 6M: 52.51%
• 1Y: 55.78%
• 3Y*: 10.73%
• 5Y*: 14.96%
• 10Y*: —

RIG

• 1D: 1.88%
• 1M: -20.56%
• YTD: 30.99%
• 6M: 34.91%
• 1Y: 85.91%
• 3Y*: -3.34%
• 5Y*: 4.65%
• 10Y*: -7.08%

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

NE vs. RIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NE Noble Corporation	53.27%	-3.21%	-31.57%	29.54%	52.00%	1.27%
RIG Transocean Ltd.	30.99%	10.13%	-40.94%	39.25%	65.22%	-33.49%

Correlation

The correlation between NE and RIG is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.71

The correlation between NE and RIG has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Fundamentals

Market Cap NE : $6.82B RIG : $6.08B
EPS NE : $1.43 RIG : -$2.85
PS Ratio NE : 2.12 RIG : 1.72
PB Ratio NE : 1.49 RIG : 0.74
Total Revenue (TTM) NE : $3.20B RIG : $3.06B
Gross Profit (TTM) NE : $716.15M RIG : $1.97B
EBITDA (TTM) NE : $1.11B RIG : -$2.10B

Return for Risk

NE vs. RIG — Risk / Return Rank

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

NE

NE Risk / Return Rank: 78
NE Sharpe Ratio Rank: 80
NE Sortino Ratio Rank: 76
NE Omega Ratio Rank: 73
NE Calmar Ratio Rank: 80
NE Martin Ratio Rank: 82

RIG

RIG Risk / Return Rank: 82
RIG Sharpe Ratio Rank: 83
RIG Sortino Ratio Rank: 79
RIG Omega Ratio Rank: 78
RIG Calmar Ratio Rank: 83
RIG Martin Ratio Rank: 88

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.

NE vs. RIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Noble Corporation (NE) and Transocean Ltd. (RIG). 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.

	NE	RIG	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.58	-0.23
Sortino ratio: Return per unit of downside risk	2.01	2.17	-0.16
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	2.49	2.88	-0.39
Martin ratio: Return relative to average drawdown	6.79	10.41	-3.62

NE vs. RIG - Sharpe Ratio Comparison

The current NE Sharpe Ratio is 1.35, which is comparable to the RIG Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of NE and RIG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NE vs. RIG - Drawdown Comparison

The maximum NE drawdown since its inception was -63.16%, smaller than the maximum RIG drawdown of -99.47%. Use the drawdown chart below to compare losses from any high point for NE and RIG.

Drawdown Indicators

	NE	RIG	Difference
Max Drawdown Largest peak-to-trough decline	-63.16%	-99.47%	+36.31%
Max Drawdown (1Y) Largest decline over 1 year	-22.51%	-29.95%	+7.44%
Max Drawdown (3Y) Largest decline over 3 years	-63.16%	-75.80%	+12.64%
Max Drawdown (5Y) Largest decline over 5 years	-63.16%	-75.80%	+12.64%
Max Drawdown (10Y) Largest decline over 10 years	—	-95.77%	—
Current Drawdown Current decline from peak	-21.26%	-95.74%	+74.48%
Average Drawdown Average peak-to-trough decline	-19.49%	-57.18%	+37.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.27%	8.39%	-0.12%

Volatility

NE vs. RIG - Volatility Comparison

The current volatility for Noble Corporation (NE) is 11.12%, while Transocean Ltd. (RIG) has a volatility of 14.02%. This indicates that NE experiences smaller price fluctuations and is considered to be less risky than RIG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NE	RIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.12%	14.02%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	28.60%	38.29%	-9.69%
Volatility (1Y) Calculated over the trailing 1-year period	41.48%	54.64%	-13.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.51%	62.55%	-19.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.40%	74.56%	-31.16%

Dividends

NE vs. RIG - Dividend Comparison

NE's dividend yield for the trailing twelve months is around 4.72%, while RIG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NE Noble Corporation	4.72%	7.08%	5.73%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RIG Transocean Ltd.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.48%

Financials

Frequently Asked Questions

Can I hold both NE and RIG in my portfolio?

NE and RIG have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NE or RIG?

RIG has higher volatility (14.02%) compared to NE (11.12%). In terms of maximum drawdown, NE dropped -63.16% vs RIG's -99.47%.

Which has better risk-adjusted returns?

RIG currently has the higher Sharpe Ratio (1.58 vs 1.35), 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.