NFE vs WBX: Correlation
How closely do New Fortress Energy Inc. (NFE) and Wallbox N.V. Class A (WBX) 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 WBX?
On 3 years of weekly data the NFE/WBX correlation comes out at 0.36, moderate. The past 12 months show a weaker link (-0.01) than the 3-year average (0.36). The 5-year figure is 0.32, and annualized covariance runs at 38131.4 %².
Among the 11 assets we track against NFE, WBX ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months WBX outperformed by 56.4 percentage points (-88.3% for NFE against -31.9% for WBX). Note the risk asymmetry: WBX runs 8.9 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 WBX: side by side
| NFE (New Fortress Energy Inc.) | WBX (Wallbox N.V. Class A) | |
|---|---|---|
| 1-year return | -88.3% | -31.9% |
| 5-year return | -98.8% | -70.7% |
| Volatility (ann.) | 109.0% | 975.4% |
| Beta vs S&P 500 | 1.67 | 4.88 |
| Max drawdown (3Y) | -99.3% | -91.3% |
| Market cap | $0.1B | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NFE | WBX |
|---|---|---|
| 2022 | +77.4% | -78.1% |
| 2023 | -3.1% | -51.1% |
| 2024 | -59.2% | -71.4% |
| 2025 | -92.5% | +367.1% |
| 2026 | -73.2% | +23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and WBX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NFE and WBX?
The NFE/WBX correlation stands at 0.36 on a 3-year window (1 year: -0.01, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is WBX a good diversifier for NFE?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: NFE correlations · WBX correlations
