ENLT vs NYAX: Correlation
How closely do Enlight Renewable Energy Ltd. (ENLT) and Nayax Ltd. (NYAX) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and NYAX?
Over the past 3 years, ENLT and NYAX moved with a correlation of 0.39, which is moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Over 5 years the correlation is -0.13, and the annualized covariance of weekly returns is 791.0 %².
Among the 13 assets we track against ENLT, NYAX ranks #7 by 3-year correlation. The last year tells two different stories: ENLT led by 179.4 percentage points, +188.8% for ENLT against +9.4% for NYAX.
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.
ENLT vs NYAX: side by side
| ENLT (Enlight Renewable Energy Ltd.) | NYAX (Nayax Ltd.) | |
|---|---|---|
| 1-year return | +188.8% | +9.4% |
| 5-year return | n/a | n/a |
| Volatility (ann.) | 42.0% | 48.8% |
| Beta vs S&P 500 | 0.88 | 0.48 |
| Max drawdown (3Y) | -27.7% | -39.1% |
| Market cap | $11.3B | $2.0B |
| P/E (trailing) | 127.9 | 261.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENLT | NYAX |
|---|---|---|
| 2023 | – | -3.3% |
| 2024 | -9.9% | +53.1% |
| 2025 | +163.6% | +73.5% |
| 2026 | +77.2% | +3.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and NYAX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ENLT and NYAX?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.44 over the last year and -0.13 over 5 years.
Is NYAX a good diversifier for ENLT?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enlt-vs-nyax.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enlt-vs-nyax/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENLT correlations · NYAX correlations
