NEXT vs WLDS: Correlation
NextDecade Corporation (NEXT) and Wearable Devices Ltd. (WLDS) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEXT and WLDS?
Over the past 3 years, NEXT and WLDS moved with a correlation of -0.32, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.59) than the 3-year average (-0.32). Over 5 years the correlation is -0.26, and the annualized covariance of weekly returns is -9718.3 %².
Among the 12 assets we track against NEXT, WLDS sits near the bottom by co-movement, at rank #12. Correlation aside, the last 12 months split them widely, with NEXT ahead by 46.6 points (-29.9% versus -76.5%). Risk is not evenly split, since WLDS carries 7.4 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.
NEXT vs WLDS: side by side
| NEXT (NextDecade Corporation) | WLDS (Wearable Devices Ltd.) | |
|---|---|---|
| 1-year return | -29.9% | -76.5% |
| 5-year return | +136.2% | n/a |
| Volatility (ann.) | 64.4% | 475.5% |
| Beta vs S&P 500 | 0.79 | 3.22 |
| Max drawdown (3Y) | -60.0% | -99.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEXT | WLDS |
|---|---|---|
| 2022 | +73.3% | – |
| 2023 | -3.4% | -21.1% |
| 2024 | +61.6% | -68.3% |
| 2025 | -31.6% | -86.9% |
| 2026 | +41.2% | -77.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEXT and WLDS good diversifiers for each other?
Yes. With a correlation of -0.32, NEXT and WLDS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NEXT and WLDS?
Using weekly returns as of 2026-08-27: -0.32 over 3 years, with -0.59 over the last year and -0.26 over 5 years.
Is WLDS a good diversifier for NEXT?
Yes. With a correlation of -0.32, NEXT and WLDS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.32 mean?
On the −1 to +1 scale, -0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/next-vs-wlds.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/next-vs-wlds/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEXT correlations · WLDS correlations
