AXON vs NUTX: Correlation
Axon Enterprise (AXON) and Nutex Health Inc. (NUTX) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and NUTX?
Over the past 3 years, AXON and NUTX moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 2566.5 %².
By 3-year correlation, NUTX places #23 of the 35 assets tracked against AXON. Correlation aside, the last 12 months split them widely, with NUTX ahead by 136.6 points (-20.6% versus +116.0%). Note the risk asymmetry: NUTX runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AXON vs NUTX: side by side
| AXON (Axon Enterprise) | NUTX (Nutex Health Inc.) | |
|---|---|---|
| 1-year return | -20.6% | +116.0% |
| 5-year return | +216.9% | -96.8% |
| Volatility (ann.) | 57.4% | 120.6% |
| Beta vs S&P 500 | 1.51 | 2.13 |
| Max drawdown (3Y) | -60.3% | -90.7% |
| Market cap | $49.7B | $1.3B |
| P/E (trailing) | 250.5 | 7.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | NUTX |
|---|---|---|
| 2022 | +5.7% | – |
| 2023 | +55.7% | -90.5% |
| 2024 | +130.1% | +17.4% |
| 2025 | -4.4% | +419.5% |
| 2026 | +7.6% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and NUTX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between AXON and NUTX?
The AXON/NUTX correlation stands at 0.37 on a 3-year window (1 year: 0.38, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is NUTX a good diversifier for AXON?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/axon-vs-nutx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/axon-vs-nutx/)
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Related comparisons
Hubs: AXON correlations · NUTX correlations
