NEE vs SMWB: Correlation
Measured on weekly returns over the past three years, NextEra Energy (NEE) and Similarweb Ltd. (SMWB) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEE and SMWB?
On 3 years of weekly data the NEE/SMWB correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.25 lands near the 3-year figure. The 5-year figure is -0.07, and annualized covariance runs at -415.2 %².
Among the 29 assets we track against NEE, SMWB sits near the bottom by co-movement, at rank #26. The last year tells two different stories: NEE led by 22.1 percentage points, +16.2% for NEE against -5.9% for SMWB. Risk is not evenly split, since SMWB carries 2.6 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.
NEE vs SMWB: side by side
| NEE (NextEra Energy) | SMWB (Similarweb Ltd.) | |
|---|---|---|
| 1-year return | +16.2% | -5.9% |
| 5-year return | +12.9% | -52.1% |
| Volatility (ann.) | 26.5% | 68.1% |
| Beta vs S&P 500 | 0.28 | 0.91 |
| Max drawdown (3Y) | -28.8% | -86.7% |
| Market cap | $174.1B | $0.8B |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 2.82% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NEE | SMWB |
|---|---|---|
| 2022 | -8.5% | -64.1% |
| 2023 | -25.3% | -17.1% |
| 2024 | +21.5% | +165.9% |
| 2025 | +15.5% | -47.1% |
| 2026 | +5.4% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEE and SMWB good diversifiers for each other?
Yes. With a correlation of -0.23, NEE and SMWB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEE and SMWB?
As of 2026-08-27, the correlation of weekly returns between NEE and SMWB is -0.23 over 3 years, -0.25 over 1 year and -0.07 over 5 years.
Is SMWB a good diversifier for NEE?
Yes. With a correlation of -0.23, NEE and SMWB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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
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Related comparisons
Hubs: NEE correlations · SMWB correlations
