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 23.15%/yr vs 25.17%/yr for EQNR. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
SHEL vs. EQNR - Performance Comparison
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Returns By Period
In the year-to-date period, SHEL achieves a 27.49% return, which is significantly lower than EQNR's 78.06% return.
SHEL
- 1D
- 1.62%
- 1M
- 17.89%
- 6M
- 21.62%
- YTD
- 27.49%
- 1Y
- 32.66%
- 3Y*
- 19.34%
- 5Y*
- 23.15%
- 10Y*
- 10.72%
- ALL TIME*
- 6.78%
EQNR
- 1D
- 0.91%
- 1M
- 28.28%
- 6M
- 56.70%
- YTD
- 78.06%
- 1Y
- 70.45%
- 3Y*
- 20.95%
- 5Y*
- 25.17%
- 10Y*
- —
- ALL TIME*
- 11.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
EQNR Equinor ASA | $177.00M | $152.87M | $145.18M |
SHEL Shell plc | $678.43M | $587.70M | $593.39M |
SHEL vs. EQNR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SHEL Shell plc | 27.49% | 22.16% | -0.87% | 20.19% | 36.18% | 34.27% | -41.08% | 6.38% | -18.33% |
EQNR Equinor ASA | 78.06% | 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 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. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer 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:
$256.45B
EQNR:
$98.26B
SHEL:
$9.02
EQNR:
$3.59
SHEL:
10.20
EQNR:
11.45
SHEL:
0.51
EQNR:
0.36
SHEL:
0.89
EQNR:
0.91
SHEL:
1.43
EQNR:
2.33
SHEL:
$296.60B
EQNR:
$113.62B
SHEL:
$50.77B
EQNR:
$43.36B
SHEL:
$67.91B
EQNR:
$46.11B
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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 | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.31 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 2.64 | -0.84 |
| Martin ratioReturn relative to average drawdown | 5.52 | 7.68 | -2.16 |
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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.
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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 | -17.98% | -26.07% | +8.09% |
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 | -1.42% | -2.07% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -16.69% | -21.37% | +4.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.86% | 8.99% | -3.13% |
Volatility
SHEL vs. EQNR - Volatility Comparison
The current volatility for Shell plc (SHEL) is 7.11%, while Equinor ASA (EQNR) has a volatility of 13.83%. 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.
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Volatility by Period
| SHEL | EQNR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.11% | 13.83% | -6.72% |
Volatility (6M)Calculated over the trailing 6-month period | 18.17% | 32.30% | -14.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.99% | 37.75% | -15.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.01% | 34.30% | -9.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.67% | 36.45% | -5.78% |
Dividends
SHEL vs. EQNR - Dividend Comparison
SHEL's dividend yield for the trailing twelve months is around 3.22%, less than EQNR's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQNR Equinor ASA | 3.65% | 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 | 3.22% | 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 Aug 2026, Shell plc reported a gross profit of 18.48B and revenue of 94.66B. Therefore, the gross margin over that period was 19.5%.
EQNR - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported a gross profit of 15.87B and revenue of 34.52B. Therefore, the gross margin over that period was 46.0%.
SHEL - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Shell plc reported an operating income of 15.18B and revenue of 94.66B, resulting in an operating margin of 16.0%.
EQNR - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported an operating income of 12.86B and revenue of 34.52B, resulting in an operating margin of 37.3%.
SHEL - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Shell plc reported a net income of 10.82B and revenue of 94.66B, resulting in a net margin of 11.4%.
EQNR - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Equinor ASA reported a net income of 4.85B and revenue of 34.52B, resulting in a net margin of 14.0%.
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 (13.83%) compared to SHEL (7.11%). In terms of maximum drawdown, SHEL dropped -71.57% vs EQNR's -66.77%.
EQNR currently has the higher Sharpe Ratio (1.82 vs 1.48), 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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