NFE vs PLUG: Correlation
Measured on weekly returns over the past three years, New Fortress Energy Inc. (NFE) and Plug Power, Inc. (PLUG) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFE and PLUG?
Over the past 3 years, NFE and PLUG moved with a correlation of 0.35, which is moderate. The link has tightened recently: the 1-year correlation (0.50) runs above the 3-year figure (0.35). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 3824.2 %².
By 3-year correlation, PLUG places #5 of the 11 assets tracked against NFE. Their recent paths diverged sharply: over the last 12 months PLUG outperformed by 128.4 percentage points (-88.3% for NFE against +40.1% for PLUG).
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.
NFE vs PLUG: side by side
| NFE (New Fortress Energy Inc.) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | -88.3% | +40.1% |
| 5-year return | -98.8% | -91.3% |
| Volatility (ann.) | 109.0% | 98.9% |
| Beta vs S&P 500 | 1.67 | 1.49 |
| Max drawdown (3Y) | -99.3% | -92.1% |
| Market cap | $0.1B | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NFE | PLUG |
|---|---|---|
| 2022 | +77.4% | -56.2% |
| 2023 | -3.1% | -63.6% |
| 2024 | -59.2% | -52.7% |
| 2025 | -92.5% | -7.5% |
| 2026 | -73.2% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and PLUG good diversifiers for each other?
Reasonably. At 0.35, NFE and PLUG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NFE and PLUG?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.50 over the last year and 0.34 over 5 years.
Is PLUG a good diversifier for NFE?
Reasonably. At 0.35, NFE and PLUG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: NFE correlations · PLUG correlations
