NEE vs TEAM: Correlation
Measured on weekly returns over the past three years, NextEra Energy (NEE) and Atlassian Corporation (TEAM) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEE and TEAM?
Over the past 3 years, NEE and TEAM moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.21). Over 5 years the correlation is -0.01, and the annualized covariance of weekly returns is -335.6 %².
Within NEE's tracked universe of 29 assets, TEAM comes in at #23 by 3-year correlation. On 12-month performance NEE holds a 8.2-point edge, +16.2% against +8.0%. Risk is not evenly split, since TEAM carries 2.3 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 TEAM: side by side
| NEE (NextEra Energy) | TEAM (Atlassian Corporation) | |
|---|---|---|
| 1-year return | +16.2% | +8.0% |
| 5-year return | +12.9% | -49.3% |
| Volatility (ann.) | 26.5% | 61.5% |
| Beta vs S&P 500 | 0.28 | 1.66 |
| Max drawdown (3Y) | -28.8% | -82.3% |
| Market cap | $174.1B | $47.0B |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 2.82% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NEE | TEAM |
|---|---|---|
| 2022 | -8.5% | -66.3% |
| 2023 | -25.3% | +84.8% |
| 2024 | +21.5% | +2.3% |
| 2025 | +15.5% | -33.4% |
| 2026 | +5.4% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEE and TEAM good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NEE and TEAM?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.38 over the last year and -0.01 over 5 years.
Is TEAM a good diversifier for NEE?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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: NEE correlations · TEAM correlations
