AMRC vs FSLR: Correlation
How closely do Ameresco, Inc. (AMRC) and First Solar (FSLR) trade together? Their weekly returns over three years give a correlation of 0.55, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMRC and FSLR?
Over the past 3 years, AMRC and FSLR moved with a correlation of 0.55, which is moderate. Little has changed lately, as the 1-year reading of 0.56 lands near the 3-year figure. Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 2321.4 %².
Among the 18 assets we track against AMRC, FSLR ranks #4 by 3-year correlation. The last year tells two different stories: FSLR led by 16.5 percentage points, -6.6% for AMRC against +9.9% for FSLR.
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.
AMRC vs FSLR: side by side
| AMRC (Ameresco, Inc.) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | -6.6% | +9.9% |
| 5-year return | -66.7% | +119.6% |
| Volatility (ann.) | 74.9% | 56.2% |
| Beta vs S&P 500 | 1.78 | 1.14 |
| Max drawdown (3Y) | -81.5% | -60.0% |
| Market cap | $1.2B | $22.6B |
| P/E (trailing) | 43.2 | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | AMRC | FSLR |
|---|---|---|
| 2022 | -29.8% | +71.9% |
| 2023 | -44.6% | +15.0% |
| 2024 | -25.9% | +2.3% |
| 2025 | +24.7% | +48.2% |
| 2026 | -21.8% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMRC and FSLR good diversifiers for each other?
Only partially. A correlation of 0.55 means AMRC and FSLR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AMRC and FSLR?
As of 2026-08-27, the correlation of weekly returns between AMRC and FSLR is 0.55 over 3 years, 0.56 over 1 year and 0.49 over 5 years.
Is FSLR a good diversifier for AMRC?
Only partially. A correlation of 0.55 means AMRC and FSLR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amrc-vs-fslr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amrc-vs-fslr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMRC correlations · FSLR correlations
