DX vs ENLT: Correlation
Dynex Capital, Inc. (DX) and Enlight Renewable Energy Ltd. (ENLT) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DX and ENLT?
Across a 3-year window, the weekly returns of DX and ENLT correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.35 lands near the 3-year figure. Stretching to 5 years gives -0.04, with an annualized covariance of 399.3 %².
By 3-year correlation, ENLT places #9 of the 15 assets tracked against DX. Their recent paths diverged sharply: over the last 12 months ENLT outperformed by 168.3 percentage points (+20.5% for DX against +188.8% for ENLT). Note the risk asymmetry: ENLT runs 2.0 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.
DX vs ENLT: side by side
| DX (Dynex Capital, Inc.) | ENLT (Enlight Renewable Energy Ltd.) | |
|---|---|---|
| 1-year return | +20.5% | +188.8% |
| 5-year return | +40.2% | n/a |
| Volatility (ann.) | 21.5% | 42.0% |
| Beta vs S&P 500 | 0.70 | 0.88 |
| Max drawdown (3Y) | -25.8% | -27.7% |
| Market cap | $3.2B | $11.3B |
| P/E (trailing) | 4.1 | 127.9 |
| Dividend yield | 15.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DX | ENLT |
|---|---|---|
| 2022 | -15.4% | – |
| 2023 | +11.9% | – |
| 2024 | +13.6% | -9.9% |
| 2025 | +29.5% | +163.6% |
| 2026 | +3.3% | +77.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DX and ENLT good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DX and ENLT?
As of 2026-08-27, the correlation of weekly returns between DX and ENLT is 0.44 over 3 years, 0.35 over 1 year and -0.04 over 5 years.
Is ENLT a good diversifier for DX?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dx-vs-enlt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dx-vs-enlt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DX correlations · ENLT correlations
