E vs WAY: Correlation
How closely do ENI S.p.A. (E) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of -0.30, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are E and WAY?
Across a 3-year window, the weekly returns of E and WAY correlate at -0.30, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.37 over 1 year against -0.30 over 3. Stretching to 5 years gives n/a, with an annualized covariance of -309.1 %².
Out of 11 assets tracked against E, WAY lands near the bottom at #11. Correlation aside, the last 12 months split them widely, with E ahead by 85.4 points (+53.3% versus -32.1%). One caveat on sizing: WAY is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
E vs WAY: side by side
| E (ENI S.p.A.) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +53.3% | -32.1% |
| 5-year return | +193.3% | n/a |
| Volatility (ann.) | 22.4% | 43.8% |
| Beta vs S&P 500 | 0.04 | 1.07 |
| Max drawdown (3Y) | -20.1% | -61.8% |
| Market cap | $76.7B | $4.8B |
| P/E (trailing) | 11.9 | 34.6 |
| Dividend yield | 0.99% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | E | WAY |
|---|---|---|
| 2022 | +10.9% | – |
| 2023 | +26.7% | – |
| 2024 | -14.0% | – |
| 2025 | +43.8% | -10.8% |
| 2026 | +43.5% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are E and WAY good diversifiers for each other?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between E and WAY?
The E/WAY correlation stands at -0.30 on a 3-year window (1 year: -0.37, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is WAY a good diversifier for E?
Yes: at -0.30, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.30 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/e-vs-way.json
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[](https://www.pairbook.io/pair/e-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: E correlations · WAY correlations
