ADI vs FSLR: Correlation
Measured on weekly returns over the past three years, Analog Devices (ADI) and First Solar (FSLR) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ADI and FSLR?
On 3 years of weekly data the ADI/FSLR correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.18) runs below the 3-year figure (0.34). The 5-year figure is 0.26, and annualized covariance runs at 619.4 %².
By 3-year correlation, FSLR places #41 of the 51 assets tracked against ADI. The last year tells two different stories: ADI led by 38.7 percentage points, +48.6% for ADI against +9.9% for FSLR. The rolling one-year correlation moved between 0.05 and 0.54 over the past three years, a moderate range. Note the risk asymmetry: FSLR runs 1.7 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.
ADI vs FSLR: side by side
| ADI (Analog Devices) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | +48.6% | +9.9% |
| 5-year return | +143.1% | +119.6% |
| Volatility (ann.) | 32.6% | 56.2% |
| Beta vs S&P 500 | 1.56 | 1.14 |
| Max drawdown (3Y) | -32.2% | -60.0% |
| Market cap | $181.5B | $22.6B |
| P/E (trailing) | 44.6 | 12.7 |
| Dividend yield | 1.15% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | ADI | FSLR |
|---|---|---|
| 2022 | -4.9% | +71.9% |
| 2023 | +23.4% | +15.0% |
| 2024 | +8.8% | +2.3% |
| 2025 | +29.8% | +48.2% |
| 2026 | +38.9% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ADI and FSLR good diversifiers for each other?
Reasonably. At 0.34, ADI and FSLR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ADI and FSLR?
As of 2026-08-27, the correlation of weekly returns between ADI and FSLR is 0.34 over 3 years, 0.18 over 1 year and 0.26 over 5 years.
Is FSLR a good diversifier for ADI?
Reasonably. At 0.34, ADI and FSLR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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/adi-vs-fslr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/adi-vs-fslr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ADI correlations · FSLR correlations
