NFE vs SNPS: Correlation
How closely do New Fortress Energy Inc. (NFE) and Synopsys (SNPS) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFE and SNPS?
Across a 3-year window, the weekly returns of NFE and SNPS correlate at 0.36, moderate. The past 12 months show a tighter link (0.49) than the 3-year average (0.36). Stretching to 5 years gives 0.32, with an annualized covariance of 1658.1 %².
Few assets follow NFE as closely as SNPS, which ranks #3 of 11 tracked partners. Their recent paths diverged sharply: over the last 12 months SNPS outperformed by 65.4 percentage points (-88.3% for NFE against -22.9% for SNPS). Note the risk asymmetry: NFE runs 2.6 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.
NFE vs SNPS: side by side
| NFE (New Fortress Energy Inc.) | SNPS (Synopsys) | |
|---|---|---|
| 1-year return | -88.3% | -22.9% |
| 5-year return | -98.8% | +39.1% |
| Volatility (ann.) | 109.0% | 42.2% |
| Beta vs S&P 500 | 1.67 | 1.57 |
| Max drawdown (3Y) | -99.3% | -42.3% |
| Market cap | $0.1B | $89.1B |
| P/E (trailing) | – | 71.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | NFE | SNPS |
|---|---|---|
| 2022 | +77.4% | -13.4% |
| 2023 | -3.1% | +61.3% |
| 2024 | -59.2% | -5.7% |
| 2025 | -92.5% | -3.2% |
| 2026 | -73.2% | -1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and SNPS good diversifiers for each other?
Reasonably. At 0.36, NFE and SNPS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NFE and SNPS?
The NFE/SNPS correlation stands at 0.36 on a 3-year window (1 year: 0.49, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SNPS a good diversifier for NFE?
Reasonably. At 0.36, NFE and SNPS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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 · SNPS correlations
