NOV vs. ET
NOV (National Oilwell Varco, Inc.) and ET (Energy Transfer LP) are both stocks. Both are in the Energy sector — NOV in Oil & Gas Equipment & Services, ET in Oil & Gas Midstream. Over the past 10 years, NOV returned -4.36%/yr vs 10.94%/yr for ET. At a 0.43 correlation, their price movements are largely independent.
Performance
NOV vs. ET - Performance Comparison
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Returns By Period
In the year-to-date period, NOV achieves a 24.07% return, which is significantly lower than ET's 26.82% return. Over the past 10 years, NOV has underperformed ET with an annualized return of -4.36%, while ET has yielded a comparatively higher 10.94% annualized return.
NOV
- 1D
- 1.27%
- 1M
- -9.47%
- 6M
- 12.55%
- YTD
- 24.07%
- 1Y
- 43.22%
- 3Y*
- 4.82%
- 5Y*
- 7.88%
- 10Y*
- -4.36%
ET
- 1D
- 2.64%
- 1M
- 5.82%
- 6M
- 21.94%
- YTD
- 26.82%
- 1Y
- 24.52%
- 3Y*
- 25.65%
- 5Y*
- 24.33%
- 10Y*
- 10.94%
NOV vs. ET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOV National Oilwell Varco, Inc. | 24.07% | 11.30% | -26.81% | -1.83% | 55.72% | -0.89% | -44.93% | -1.69% | -28.28% | -3.23% |
ET Energy Transfer LP | 26.82% | -9.37% | 53.87% | 27.87% | 55.74% | 42.96% | -44.92% | 5.88% | -17.74% | -4.66% |
Correlation
The correlation between NOV and ET is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2006 | 0.43 |
The correlation between NOV and ET shifts across timeframes, from 0.38 (1 year) to 0.50 (10 years), reflecting how their relationship changes across market environments.
Fundamentals
NOV:
$6.87B
ET:
$69.44B
NOV:
$0.25
ET:
$1.35
NOV:
77.22
ET:
14.96
NOV:
0.81
ET:
0.81
NOV:
1.11
ET:
1.40
NOV:
$8.69B
ET:
$89.38B
NOV:
$1.70B
ET:
$20.48B
NOV:
$633.00M
ET:
$13.02B
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Return for Risk
NOV vs. ET — Risk / Return Rank
NOV
ET
NOV vs. ET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for National Oilwell Varco, Inc. (NOV) and Energy Transfer LP (ET). 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.
| NOV | ET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.62 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.26 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.87 | -0.27 |
| Martin ratioReturn relative to average drawdown | 6.28 | 6.24 | +0.04 |
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Drawdowns
NOV vs. ET - Drawdown Comparison
The maximum NOV drawdown since its inception was -89.77%, roughly equal to the maximum ET drawdown of -87.81%. Use the drawdown chart below to compare losses from any high point for NOV and ET.
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Drawdown Indicators
| NOV | ET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.77% | -87.81% | -1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -16.71% | -8.59% | -8.12% |
Max Drawdown (3Y)Largest decline over 3 years | -47.15% | -24.56% | -22.59% |
Max Drawdown (5Y)Largest decline over 5 years | -53.70% | -24.56% | -29.14% |
Max Drawdown (10Y)Largest decline over 10 years | -83.26% | -72.82% | -10.44% |
Current DrawdownCurrent decline from peak | -73.16% | -1.03% | -72.13% |
Average DrawdownAverage peak-to-trough decline | -45.27% | -25.65% | -19.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.95% | 3.94% | +3.01% |
Volatility
NOV vs. ET - Volatility Comparison
National Oilwell Varco, Inc. (NOV) has a higher volatility of 9.50% compared to Energy Transfer LP (ET) at 5.66%. This indicates that NOV's price experiences larger fluctuations and is considered to be riskier than ET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOV | ET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.50% | 5.66% | +3.84% |
Volatility (6M)Calculated over the trailing 6-month period | 25.23% | 12.36% | +12.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.12% | 16.31% | +21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.00% | 24.61% | +17.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.13% | 34.33% | +12.80% |
Dividends
NOV vs. ET - Dividend Comparison
NOV's dividend yield for the trailing twelve months is around 2.20%, less than ET's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ET Energy Transfer LP | 6.62% | 7.97% | 6.51% | 8.95% | 7.33% | 7.41% | 17.27% | 9.51% | 9.24% | 6.66% | 5.90% | 7.42% |
NOV National Oilwell Varco, Inc. | 2.20% | 3.26% | 1.88% | 0.99% | 0.96% | 0.37% | 0.36% | 0.80% | 0.78% | 0.56% | 1.63% | 5.49% |
Financials
NOV vs. ET - Financials Comparison
This section allows you to compare key financial metrics between National Oilwell Varco, Inc. and Energy Transfer LP. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NOV vs. ET - Profitability Comparison
NOV - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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%.
ET - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Energy Transfer LP reported a gross profit of 6.62B and revenue of 27.77B. Therefore, the gross margin over that period was 23.9%.
NOV - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 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%.
ET - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Energy Transfer LP reported an operating income of 2.98B and revenue of 27.77B, resulting in an operating margin of 10.7%.
NOV - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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%.
ET - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Energy Transfer LP reported a net income of 1.25B and revenue of 27.77B, resulting in a net margin of 4.5%.
Frequently Asked Questions
NOV and ET have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOV has higher volatility (9.50%) compared to ET (5.66%). In terms of maximum drawdown, NOV dropped -89.77% vs ET's -87.81%.
ET currently has the higher Sharpe Ratio (1.51 vs 1.14), 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.
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