ENLT vs SPCE: Correlation
Enlight Renewable Energy Ltd. (ENLT) and Virgin Galactic Holdings, Inc. (SPCE) 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 ENLT and SPCE?
Over the past 3 years, ENLT and SPCE moved with a correlation of 0.44, which is moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is 1852.2 %².
Within ENLT's tracked universe of 13 assets, SPCE comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ENLT ahead by 191.7 points (+188.8% versus -2.9%). Note the risk asymmetry: SPCE runs 2.4 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.
ENLT vs SPCE: side by side
| ENLT (Enlight Renewable Energy Ltd.) | SPCE (Virgin Galactic Holdings, Inc.) | |
|---|---|---|
| 1-year return | +188.8% | -2.9% |
| 5-year return | n/a | -99.4% |
| Volatility (ann.) | 42.0% | 100.5% |
| Beta vs S&P 500 | 0.88 | 2.82 |
| Max drawdown (3Y) | -27.7% | -96.0% |
| Market cap | $11.3B | $0.5B |
| P/E (trailing) | 127.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENLT | SPCE |
|---|---|---|
| 2022 | – | -74.0% |
| 2023 | – | -29.6% |
| 2024 | -9.9% | -88.0% |
| 2025 | +163.6% | -45.4% |
| 2026 | +77.2% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and SPCE 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 ENLT and SPCE?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.50 over the last year and -0.03 over 5 years.
Is SPCE a good diversifier for ENLT?
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/enlt-vs-spce.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enlt-vs-spce/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENLT correlations · SPCE correlations
