ENLT vs VXZ: Correlation
How closely do Enlight Renewable Energy Ltd. (ENLT) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.35, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and VXZ?
Over the past 3 years, ENLT and VXZ moved with a correlation of -0.35, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.13) runs above the 3-year figure (-0.35). Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is -375.0 %².
Among the 13 assets we track against ENLT, VXZ sits near the bottom by co-movement, at rank #13. Correlation aside, the last 12 months split them widely, with ENLT ahead by 204.9 points (+188.8% versus -16.1%). Risk is not evenly split, since ENLT carries 1.6 times the volatility of the other side.
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 VXZ: side by side
| ENLT (Enlight Renewable Energy Ltd.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +188.8% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 42.0% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -27.7% | -36.4% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ENLT | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | -9.9% | -12.7% |
| 2025 | +163.6% | +5.7% |
| 2026 | +77.2% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
FAQ
What is the correlation between ENLT and VXZ?
Using weekly returns as of 2026-08-27: -0.35 over 3 years, with -0.13 over the last year and 0.06 over 5 years.
Is VXZ a good diversifier for ENLT?
By historical standards, yes. A correlation of -0.35 means the two rarely move for the same reasons.
What does a correlation of -0.35 mean?
On the −1 to +1 scale, -0.35 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/enlt-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ENLT correlations · VXZ correlations
