SHEL vs. EQNR
SHEL (Shell plc) and EQNR (Equinor ASA) are both stocks. Both operate in the Oil & Gas Integrated industry within the Energy sector. Over the past 5 years, SHEL returned 19.23%/yr vs 17.18%/yr for EQNR. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
SHEL vs. EQNR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SHEL achieves a 10.21% return, which is significantly lower than EQNR's 41.45% return.
SHEL
- 1D
- -0.19%
- 1M
- -7.23%
- YTD
- 10.21%
- 6M
- 10.83%
- 1Y
- 16.55%
- 3Y*
- 14.58%
- 5Y*
- 19.23%
- 10Y*
- 9.09%
EQNR
- 1D
- -0.67%
- 1M
- -15.87%
- YTD
- 41.45%
- 6M
- 45.07%
- 1Y
- 30.09%
- 3Y*
- 14.71%
- 5Y*
- 17.18%
- 10Y*
- —
SHEL vs. EQNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SHEL Shell plc | 10.21% | 22.16% | -0.87% | 20.19% | 36.18% | 34.27% | -41.08% | 6.38% | -18.33% |
EQNR Equinor ASA | 41.45% | 7.70% | -15.98% | -0.78% | 40.77% | 64.55% | -13.57% | -0.99% | -21.06% |
Correlation
The correlation between SHEL and EQNR is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 16, 2018 | 0.73 |
The correlation between SHEL and EQNR has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.
Fundamentals
SHEL:
$226.75B
EQNR:
$81.72B
SHEL:
$6.39
EQNR:
$2.15
SHEL:
12.44
EQNR:
15.20
SHEL:
0.62
EQNR:
0.47
SHEL:
0.87
EQNR:
0.81
SHEL:
1.31
EQNR:
1.88
SHEL:
$266.82B
EQNR:
$104.23B
SHEL:
$41.65B
EQNR:
$36.46B
SHEL:
$57.44B
EQNR:
$39.36B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SHEL vs. EQNR — Risk / Return Rank
SHEL
EQNR
SHEL vs. EQNR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Shell plc (SHEL) and Equinor ASA (EQNR). 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.
| SHEL | EQNR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.32 | -0.25 |
| Martin ratioReturn relative to average drawdown | 3.70 | 3.40 | +0.30 |
Loading charts...
Drawdowns
SHEL vs. EQNR - Drawdown Comparison
The maximum SHEL drawdown since its inception was -71.57%, which is greater than EQNR's maximum drawdown of -66.77%. Use the drawdown chart below to compare losses from any high point for SHEL and EQNR.
Loading charts...
Drawdown Indicators
| SHEL | EQNR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.57% | -66.77% | -4.80% |
Max Drawdown (1Y)Largest decline over 1 year | -15.53% | -22.85% | +7.32% |
Max Drawdown (3Y)Largest decline over 3 years | -18.47% | -27.58% | +9.11% |
Max Drawdown (5Y)Largest decline over 5 years | -25.04% | -35.50% | +10.46% |
Max Drawdown (10Y)Largest decline over 10 years | -71.57% | — | — |
Current DrawdownCurrent decline from peak | -14.78% | -22.21% | +7.43% |
Average DrawdownAverage peak-to-trough decline | -16.73% | -21.46% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.49% | 8.91% | -4.42% |
Volatility
SHEL vs. EQNR - Volatility Comparison
The current volatility for Shell plc (SHEL) is 6.14%, while Equinor ASA (EQNR) has a volatility of 10.32%. This indicates that SHEL experiences smaller price fluctuations and is considered to be less risky than EQNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SHEL | EQNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.14% | 10.32% | -4.18% |
Volatility (6M)Calculated over the trailing 6-month period | 17.89% | 30.72% | -12.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.39% | 36.32% | -14.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.09% | 33.85% | -8.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.69% | 36.29% | -5.60% |
Dividends
SHEL vs. EQNR - Dividend Comparison
SHEL's dividend yield for the trailing twelve months is around 3.72%, less than EQNR's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQNR Equinor ASA | 4.59% | 7.66% | 12.66% | 11.38% | 3.30% | 2.13% | 4.32% | 5.07% | 3.26% | 0.00% | 0.00% | 0.00% |
SHEL Shell plc | 3.72% | 3.90% | 4.39% | 3.76% | 3.48% | 3.78% | 5.69% | 6.27% | 6.27% | 2.75% | 6.49% | 8.17% |
Financials
SHEL vs. EQNR - Financials Comparison
This section allows you to compare key financial metrics between Shell plc and Equinor ASA. 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
SHEL vs. EQNR - Profitability Comparison
SHEL - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Shell plc reported a gross profit of 13.31B and revenue of 69.57B. Therefore, the gross margin over that period was 19.1%.
EQNR - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported a gross profit of 12.33B and revenue of 27.82B. Therefore, the gross margin over that period was 44.3%.
SHEL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Shell plc reported an operating income of 10.35B and revenue of 69.57B, resulting in an operating margin of 14.9%.
EQNR - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported an operating income of 8.80B and revenue of 27.82B, resulting in an operating margin of 31.7%.
SHEL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Shell plc reported a net income of 5.68B and revenue of 69.57B, resulting in a net margin of 8.2%.
EQNR - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Equinor ASA reported a net income of 3.11B and revenue of 27.82B, resulting in a net margin of 11.2%.
Frequently Asked Questions
SHEL and EQNR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EQNR has higher volatility (10.32%) compared to SHEL (6.14%). In terms of maximum drawdown, SHEL dropped -71.57% vs EQNR's -66.77%.
EQNR currently has the higher Sharpe Ratio (0.84 vs 0.78), 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.
Find the right allocation for SHEL and EQNR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer