GXO vs OPAL: Correlation
Measured on weekly returns over the past three years, GXO Logistics, Inc. (GXO) and OPAL Fuels Inc. (OPAL) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GXO and OPAL?
Over the past 3 years, GXO and OPAL moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 833.4 %².
Among the 16 assets we track against GXO, OPAL sits near the bottom by co-movement, at rank #12. Their 12-month results are close: -10.1% for GXO against -7.8% for OPAL. Note the risk asymmetry: OPAL runs 1.6 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.
GXO vs OPAL: side by side
| GXO (GXO Logistics, Inc.) | OPAL (OPAL Fuels Inc.) | |
|---|---|---|
| 1-year return | -10.1% | -7.8% |
| 5-year return | -43.5% | -77.9% |
| Volatility (ann.) | 37.5% | 61.5% |
| Beta vs S&P 500 | 1.06 | 1.19 |
| Max drawdown (3Y) | -51.6% | -84.1% |
| Market cap | $5.5B | $0.4B |
| P/E (trailing) | 42.5 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GXO | OPAL |
|---|---|---|
| 2022 | -53.0% | -27.1% |
| 2023 | +43.3% | -24.2% |
| 2024 | -28.9% | -38.6% |
| 2025 | +21.0% | -30.5% |
| 2026 | -8.9% | -9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GXO and OPAL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GXO and OPAL?
As of 2026-08-27, the correlation of weekly returns between GXO and OPAL is 0.36 over 3 years, 0.28 over 1 year and 0.22 over 5 years.
Is OPAL a good diversifier for GXO?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
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Related comparisons
Hubs: GXO correlations · OPAL correlations
