RIG vs. NE

Last updated Aug 4, 2026

RIG (Transocean Ltd.) and NE (Noble Corporation) are both stocks. Both operate in the Oil & Gas Drilling industry within the Energy sector. Over the past 5 years, RIG returned 9.92%/yr vs 17.15%/yr for NE. Their 0.71 correlation means they have sometimes moved together and sometimes differently.

Performance

RIG vs. NE - Performance Comparison

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

Returns By Period

In the year-to-date period, RIG achieves a 24.70% return, which is significantly lower than NE's 46.28% return.

RIG

• 1D: -3.20%
• 1M: 1.78%
• 6M: 6.85%
• YTD: 24.70%
• 1Y: 82.62%
• 3Y*: -15.35%
• 5Y*: 9.92%
• 10Y*: -7.33%
• ALL TIME*: -1.35%

NE

• 1D: -4.67%
• 1M: 6.40%
• 6M: 14.75%
• YTD: 46.28%
• 1Y: 66.10%
• 3Y*: -3.44%
• 5Y*: 17.15%
• 10Y*: —
• ALL TIME*: 13.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NE Noble Corporation	$86.34M	$69.88M	$68.96M
RIG Transocean Ltd.	$250.21M	$216.03M	$208.46M

RIG vs. NE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RIG Transocean Ltd.	24.70%	10.13%	-40.94%	39.25%	65.22%	-33.49%
NE Noble Corporation	46.28%	-3.21%	-31.57%	29.54%	52.00%	1.27%

Correlation

The correlation between RIG and NE is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 9, 2021	0.71

The correlation between RIG and NE has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Fundamentals

Market Cap RIG : $5.23B NE : $6.45B
EPS RIG : -$2.77 NE : $1.25
PS Ratio RIG : 1.68 NE : 2.07
Total Revenue (TTM) RIG : $3.06B NE : $2.35B
Gross Profit (TTM) RIG : $1.97B NE : $545.37M
EBITDA (TTM) RIG : -$2.10B NE : $805.74M

Return for Risk

RIG vs. NE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

RIG

RIG Risk / Return Rank: 82
RIG Sharpe Ratio Rank: 86
RIG Sortino Ratio Rank: 81
RIG Omega Ratio Rank: 80
RIG Calmar Ratio Rank: 82
RIG Martin Ratio Rank: 82

NE

NE Risk / Return Rank: 82
NE Sharpe Ratio Rank: 86
NE Sortino Ratio Rank: 82
NE Omega Ratio Rank: 80
NE Calmar Ratio Rank: 80
NE Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RIG vs. NE - Risk-Adjusted Trends Comparison

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

	RIG	NE	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.57	-0.01
Sortino ratio: Return per unit of downside risk	2.11	2.19	-0.08
Omega ratio: Gain probability vs. loss probability	1.27	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	2.32	2.14	+0.18
Martin ratio: Return relative to average drawdown	6.12	5.98	+0.14

RIG vs. NE - Sharpe Ratio Comparison

The current RIG Sharpe Ratio is 1.56, which is comparable to the NE Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of RIG and NE, 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

RIG vs. NE - Drawdown Comparison

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

Drawdown Indicators

	RIG	NE	Difference
Max Drawdown Largest peak-to-trough decline	-99.47%	-63.16%	-36.31%
Max Drawdown (1Y) Largest decline over 1 year	-35.75%	-31.06%	-4.69%
Max Drawdown (3Y) Largest decline over 3 years	-75.49%	-63.16%	-12.33%
Max Drawdown (5Y) Largest decline over 5 years	-75.80%	-63.16%	-12.64%
Max Drawdown (10Y) Largest decline over 10 years	-95.77%	—	—
Current Drawdown Current decline from peak	-95.94%	-24.85%	-71.09%
Average Drawdown Average peak-to-trough decline	-57.32%	-19.62%	-37.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.54%	11.09%	+2.45%

Volatility

RIG vs. NE - Volatility Comparison

The current volatility for Transocean Ltd. (RIG) is 12.47%, while Noble Corporation (NE) has a volatility of 15.56%. This indicates that RIG experiences smaller price fluctuations and is considered to be less risky than NE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIG	NE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.47%	15.56%	-3.09%
Volatility (6M) Calculated over the trailing 6-month period	39.70%	31.36%	+8.34%
Volatility (1Y) Calculated over the trailing 1-year period	53.24%	42.35%	+10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.67%	43.94%	+17.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.40%	43.56%	+30.84%

Dividends

RIG vs. NE - Dividend Comparison

RIG has not paid dividends to shareholders, while NE's dividend yield for the trailing twelve months is around 4.95%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NE Noble Corporation	4.95%	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 RIG and NE in my portfolio?

RIG and NE 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, RIG or NE?

NE has higher volatility (15.56%) compared to RIG (12.47%). In terms of maximum drawdown, RIG dropped -99.47% vs NE's -63.16%.

Which has better risk-adjusted returns?

NE currently has the higher Sharpe Ratio (1.57 vs 1.56), 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.