NEE vs WAY: Correlation
How closely do NextEra Energy (NEE) and Waystar Holding Corp. (WAY) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEE and WAY?
Over the past 3 years, NEE and WAY moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -243.3 %².
Out of 29 assets tracked against NEE, WAY lands near the bottom at #27. Correlation aside, the last 12 months split them widely, with NEE ahead by 48.3 points (+16.2% versus -32.1%). Note the risk asymmetry: WAY runs 1.7 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.
NEE vs WAY: side by side
| NEE (NextEra Energy) | WAY (Waystar Holding Corp.) | |
|---|---|---|
| 1-year return | +16.2% | -32.1% |
| 5-year return | +12.9% | n/a |
| Volatility (ann.) | 26.5% | 43.8% |
| Beta vs S&P 500 | 0.28 | 1.07 |
| Max drawdown (3Y) | -28.8% | -61.8% |
| Market cap | $174.1B | $4.8B |
| P/E (trailing) | 18.9 | 34.6 |
| Dividend yield | 2.82% | 0.00% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | NEE | WAY |
|---|---|---|
| 2022 | -8.5% | – |
| 2023 | -25.3% | – |
| 2024 | +21.5% | – |
| 2025 | +15.5% | -10.8% |
| 2026 | +5.4% | -22.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEE and WAY good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between NEE and WAY?
As of 2026-08-27, the correlation of weekly returns between NEE and WAY is -0.24 over 3 years, -0.28 over 1 year and n/a over 5 years.
Is WAY a good diversifier for NEE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nee-vs-way.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nee-vs-way/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEE correlations · WAY correlations
