NYAX vs XLE: Correlation
Nayax Ltd. (NYAX) and Energy Select Sector SPDR Fund (XLE) show a negative relationship: their 3-year correlation of weekly returns is -0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NYAX and XLE?
On 3 years of weekly data the NYAX/XLE correlation comes out at -0.19, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.44) than the 3-year average (-0.19). The 5-year figure is -0.14, and annualized covariance runs at -216.9 %².
Out of 12 assets tracked against NYAX, XLE lands near the bottom at #8. Correlation aside, the last 12 months split them widely, with XLE ahead by 34.6 points (+9.4% versus +44.0%). One caveat on sizing: NYAX is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NYAX vs XLE: side by side
| NYAX (Nayax Ltd.) | XLE (Energy Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +9.4% | +44.0% |
| 5-year return | n/a | +206.7% |
| Volatility (ann.) | 48.8% | 23.1% |
| Beta vs S&P 500 | 0.48 | 0.27 |
| Max drawdown (3Y) | -39.1% | -20.1% |
| Market cap | $2.0B | – |
| P/E (trailing) | 261.0 | – |
| Dividend yield | 0.00% | 2.55% |
| Expense ratio | – | 0.08% |
| Assets under management | – | $39.2B |
| Sector / category | US Listed | Sector ETF |
XLE is an Equity Energy fund from State Street Investment Management: $39.2B under management, 22 holdings, a 0.08% expense ratio, a 2.55% trailing dividend yield.
Year-by-year returns
| Year | NYAX | XLE |
|---|---|---|
| 2022 | – | +64.3% |
| 2023 | -3.3% | -0.6% |
| 2024 | +53.1% | +5.6% |
| 2025 | +73.5% | +7.9% |
| 2026 | +3.2% | +41.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NYAX and XLE good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between NYAX and XLE?
As of 2026-08-27, the correlation of weekly returns between NYAX and XLE is -0.19 over 3 years, -0.44 over 1 year and -0.14 over 5 years.
Is XLE a good diversifier for NYAX?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 mean?
A reading of -0.19 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: NYAX correlations · XLE correlations
