ENLT vs VXX: Correlation
Enlight Renewable Energy Ltd. (ENLT) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and VXX?
On 3 years of weekly data the ENLT/VXX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.04) runs above the 3-year figure (-0.32). The 5-year figure is 0.03, and annualized covariance runs at -831.7 %².
VXX is close to the least connected end of ENLT's tracked universe, ranking #12 of 13. Their recent paths diverged sharply: over the last 12 months ENLT outperformed by 238.5 percentage points (+188.8% for ENLT against -49.7% for VXX).
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 VXX: side by side
| ENLT (Enlight Renewable Energy Ltd.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +188.8% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 42.0% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -27.7% | -83.3% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENLT | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | -9.9% | -26.2% |
| 2025 | +163.6% | -42.2% |
| 2026 | +77.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ENLT and VXX?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.04 over the last year and 0.03 over 5 years.
Is VXX a good diversifier for ENLT?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enlt-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/enlt-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ENLT correlations · VXX correlations
