ENLT vs TAN: Correlation
Measured on weekly returns over the past three years, Enlight Renewable Energy Ltd. (ENLT) and Invesco Solar ETF (TAN) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and TAN?
Over the past 3 years, ENLT and TAN moved with a correlation of 0.47, which is moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is 737.2 %².
TAN is one of the assets that tracks ENLT most closely: it ranks #2 out of the 13 assets we track against ENLT. Their recent paths diverged sharply: over the last 12 months ENLT outperformed by 167.4 percentage points (+188.8% for ENLT against +21.4% for TAN).
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 TAN: side by side
| ENLT (Enlight Renewable Energy Ltd.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +188.8% | +21.4% |
| 5-year return | n/a | -41.9% |
| Volatility (ann.) | 42.0% | 37.4% |
| Beta vs S&P 500 | 0.88 | 1.04 |
| Max drawdown (3Y) | -27.7% | -55.4% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ENLT | TAN |
|---|---|---|
| 2022 | – | -5.2% |
| 2023 | – | -26.8% |
| 2024 | -9.9% | -37.6% |
| 2025 | +163.6% | +48.3% |
| 2026 | +77.2% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and TAN good diversifiers for each other?
Reasonably. At 0.47, ENLT and TAN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENLT and TAN?
As of 2026-08-27, the correlation of weekly returns between ENLT and TAN is 0.47 over 3 years, 0.49 over 1 year and -0.01 over 5 years.
Is TAN a good diversifier for ENLT?
Reasonably. At 0.47, ENLT and TAN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 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-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enlt-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENLT correlations · TAN correlations
