NOV vs. HLX

Last updated Jun 24, 2026

NOV (National Oilwell Varco, Inc.) and HLX (Helix Energy Solutions Group, Inc.) are both stocks. Both operate in the Oil & Gas Equipment & Services industry within the Energy sector. Over the past 10 years, NOV returned -4.64%/yr vs 2.97%/yr for HLX. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

NOV vs. HLX - Performance Comparison

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

Returns By Period

In the year-to-date period, NOV achieves a 21.61% return, which is significantly lower than HLX's 40.83% return. Over the past 10 years, NOV has underperformed HLX with an annualized return of -4.64%, while HLX has yielded a comparatively higher 2.97% annualized return.

NOV

• 1D: 0.37%
• 1M: -9.10%
• YTD: 21.61%
• 6M: 20.76%
• 1Y: 45.26%
• 3Y*: 9.93%
• 5Y*: 6.05%
• 10Y*: -4.64%

HLX

• 1D: -0.23%
• 1M: -12.40%
• YTD: 40.83%
• 6M: 39.94%
• 1Y: 33.38%
• 3Y*: 8.41%
• 5Y*: 6.25%
• 10Y*: 2.97%

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

NOV vs. HLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOV National Oilwell Varco, Inc.	21.61%	11.30%	-26.81%	-1.83%	55.72%	-0.89%	-44.93%	-1.69%	-28.28%	-3.23%
HLX Helix Energy Solutions Group, Inc.	40.83%	-32.73%	-9.34%	39.30%	136.54%	-25.71%	-56.39%	78.00%	-28.25%	-14.51%

Correlation

The correlation between NOV and HLX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 1, 1997	0.60

The correlation between NOV and HLX shifts across timeframes, from 0.60 (all time) to 0.71 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NOV : $6.83B HLX : $1.30B
EPS NOV : $0.25 HLX : $0.10
PE Ratio NOV : 76.13 HLX : 91.16
PEG Ratio NOV : 0.93 HLX : 2.03
PS Ratio NOV : 0.80 HLX : 1.01
PB Ratio NOV : 1.09 HLX : 0.80
Total Revenue (TTM) NOV : $8.69B HLX : $1.30B
Gross Profit (TTM) NOV : $1.70B HLX : $140.43M
EBITDA (TTM) NOV : $633.00M HLX : $178.55M

Return for Risk

NOV vs. HLX — Risk / Return Rank

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

NOV

NOV Risk / Return Rank: 76
NOV Sharpe Ratio Rank: 76
NOV Sortino Ratio Rank: 72
NOV Omega Ratio Rank: 69
NOV Calmar Ratio Rank: 82
NOV Martin Ratio Rank: 83

HLX

HLX Risk / Return Rank: 67
HLX Sharpe Ratio Rank: 65
HLX Sortino Ratio Rank: 61
HLX Omega Ratio Rank: 61
HLX Calmar Ratio Rank: 74
HLX Martin Ratio Rank: 71

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.

NOV vs. HLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Oilwell Varco, Inc. (NOV) and Helix Energy Solutions Group, Inc. (HLX). 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	HLX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.70	+0.48
Sortino ratio: Return per unit of downside risk	1.74	1.24	+0.50
Omega ratio: Gain probability vs. loss probability	1.21	1.16	+0.06
Calmar ratio: Return relative to maximum drawdown	2.82	1.84	+0.99
Martin ratio: Return relative to average drawdown	7.25	3.74	+3.51

NOV vs. HLX - Sharpe Ratio Comparison

The current NOV Sharpe Ratio is 1.18, which is higher than the HLX Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of NOV and HLX, 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

NOV vs. HLX - Drawdown Comparison

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

Drawdown Indicators

	NOV	HLX	Difference
Max Drawdown Largest peak-to-trough decline	-89.77%	-97.87%	+8.10%
Max Drawdown (1Y) Largest decline over 1 year	-16.10%	-18.24%	+2.14%
Max Drawdown (3Y) Largest decline over 3 years	-47.15%	-55.54%	+8.39%
Max Drawdown (5Y) Largest decline over 5 years	-53.70%	-59.02%	+5.32%
Max Drawdown (10Y) Largest decline over 10 years	-83.26%	-91.46%	+8.20%
Current Drawdown Current decline from peak	-73.69%	-81.15%	+7.46%
Average Drawdown Average peak-to-trough decline	-45.22%	-55.23%	+10.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.27%	8.95%	-2.68%

Volatility

NOV vs. HLX - Volatility Comparison

National Oilwell Varco, Inc. (NOV) and Helix Energy Solutions Group, Inc. (HLX) have volatilities of 12.17% and 12.43%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOV	HLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.17%	12.43%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	26.09%	33.08%	-6.99%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	48.30%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.22%	51.55%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.26%	65.64%	-18.38%

Dividends

NOV vs. HLX - Dividend Comparison

NOV's dividend yield for the trailing twelve months is around 2.24%, while HLX has not paid dividends to shareholders.

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.	2.24%	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. HLX - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both NOV and HLX in my portfolio?

NOV and HLX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NOV or HLX?

HLX has higher volatility (12.43%) compared to NOV (12.17%). In terms of maximum drawdown, NOV dropped -89.77% vs HLX's -97.87%.

Which has better risk-adjusted returns?

NOV currently has the higher Sharpe Ratio (1.18 vs 0.70), 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.