NFE vs WLDS: Correlation
How closely do New Fortress Energy Inc. (NFE) and Wearable Devices Ltd. (WLDS) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFE and WLDS?
Across a 3-year window, the weekly returns of NFE and WLDS correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.21, with an annualized covariance of -11835.3 %².
Among the 11 assets we track against NFE, WLDS sits near the bottom by co-movement, at rank #10. The trailing year gives WLDS the advantage: -88.3% versus -76.5%, a 11.8-point spread. Note the risk asymmetry: WLDS runs 4.4 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 WLDS: side by side
| NFE (New Fortress Energy Inc.) | WLDS (Wearable Devices Ltd.) | |
|---|---|---|
| 1-year return | -88.3% | -76.5% |
| 5-year return | -98.8% | n/a |
| Volatility (ann.) | 109.0% | 475.5% |
| Beta vs S&P 500 | 1.67 | 3.22 |
| Max drawdown (3Y) | -99.3% | -99.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NFE | WLDS |
|---|---|---|
| 2022 | +77.4% | – |
| 2023 | -3.1% | -21.1% |
| 2024 | -59.2% | -68.3% |
| 2025 | -92.5% | -86.9% |
| 2026 | -73.2% | -77.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFE and WLDS good diversifiers for each other?
Yes. With a correlation of -0.23, NFE and WLDS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between NFE and WLDS?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.33 over the last year and -0.21 over 5 years.
Is WLDS a good diversifier for NFE?
Yes. With a correlation of -0.23, NFE and WLDS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 mean?
A reading of -0.23 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 · WLDS correlations
