During the last decade there has been an increase in renewable energy companies. At the same time, propositions have been put forward worldwide in order to restrict the possibilities for expansion for energy companies with their focus on oil and gas. This study aims to analyse the potential spillover effects between oil and renewable energy stocks on the Nordic Stock markets in order to explain how these events might affect investors abilities to predict potential gains in the markets. Spillover effects are characterized by seemingly unrelated events in one market having an impact on another. Similar studies have been conducted in countries that have a large dependency on oil as their means of energy. However, with the Nordic region being on the forefront when it comes to renewable energy globally, the aim was to see if there would be similar effects between the different sectors between different countries. The study utilized Market Capitalization based indexes for both types of stocks and examined the correlations between them during different time periods. This in order to find trends related to different time periods that could open up for different investment opportunities depending on the user. As the study showed, there were significantly negative correlations between the indexes in favour of the renewable market. However, these correlations were not true for all time periods within the study and could therefore not be confirmed as a definite result.