AAON vs FLEX: Correlation
How closely do AAON, Inc. (AAON) and Flex Ltd. (FLEX) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AAON and FLEX?
Across a 3-year window, the weekly returns of AAON and FLEX correlate at 0.63, strong. The link has tightened recently: the 1-year correlation (0.74) runs above the 3-year figure (0.63). Stretching to 5 years gives 0.56, with an annualized covariance of 1762.4 %².
In AAON's tracked universe of 11 assets, FLEX sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months FLEX outperformed by 122.0 percentage points (-7.4% for AAON against +114.6% for FLEX).
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.
AAON vs FLEX: side by side
| AAON (AAON, Inc.) | FLEX (Flex Ltd.) | |
|---|---|---|
| 1-year return | -7.4% | +114.6% |
| 5-year return | +73.5% | +716.5% |
| Volatility (ann.) | 54.9% | 50.9% |
| Beta vs S&P 500 | 1.58 | 1.70 |
| Max drawdown (3Y) | -48.9% | -40.0% |
| Market cap | $6.4B | $42.6B |
| P/E (trailing) | 42.0 | 43.2 |
| Dividend yield | 0.50% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | AAON | FLEX |
|---|---|---|
| 2022 | -4.6% | +17.1% |
| 2023 | +47.9% | +41.9% |
| 2024 | +59.9% | +67.2% |
| 2025 | -34.9% | +57.4% |
| 2026 | +2.7% | +90.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AAON and FLEX good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AAON and FLEX?
As of 2026-08-27, the correlation of weekly returns between AAON and FLEX is 0.63 over 3 years, 0.74 over 1 year and 0.56 over 5 years.
Is FLEX a good diversifier for AAON?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aaon-vs-flex.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aaon-vs-flex/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AAON correlations · FLEX correlations
