EU vs NXE: Correlation
How closely do enCore Energy Corp. (EU) and Nexgen Energy Ltd. (NXE) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EU and NXE?
Over the past 3 years, EU and NXE moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 2476.2 %².
Few assets follow EU as closely as NXE, which ranks #3 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with NXE ahead by 93.6 points (-39.0% versus +54.6%).
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.
EU vs NXE: side by side
| EU (enCore Energy Corp.) | NXE (Nexgen Energy Ltd.) | |
|---|---|---|
| 1-year return | -39.0% | +54.6% |
| 5-year return | -60.1% | +144.9% |
| Volatility (ann.) | 67.3% | 50.8% |
| Beta vs S&P 500 | 1.98 | 1.48 |
| Max drawdown (3Y) | -78.7% | -54.3% |
| Market cap | $0.3B | $7.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EU | NXE |
|---|---|---|
| 2022 | -39.0% | +1.4% |
| 2023 | +66.5% | +58.0% |
| 2024 | -13.2% | -5.7% |
| 2025 | -27.3% | +39.4% |
| 2026 | -44.0% | +21.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EU and NXE good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EU and NXE?
The EU/NXE correlation stands at 0.72 on a 3-year window (1 year: 0.80, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is NXE a good diversifier for EU?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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/eu-vs-nxe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eu-vs-nxe/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EU correlations · NXE correlations
