AON vs FSLR: Correlation
Measured on weekly returns over the past three years, Aon plc (AON) and First Solar (FSLR) carry a correlation of -0.22, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AON and FSLR?
On 3 years of weekly data the AON/FSLR correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. The 5-year figure is -0.02, and annualized covariance runs at -268.1 %².
Among the 32 assets we track against AON, FSLR sits near the bottom by co-movement, at rank #30. Over the last 12 months FSLR came out ahead by 14.5 percentage points (-4.6% against +9.9%). This link changes with the market regime, having swung between -0.33 and 0.24 on a rolling one-year basis. One caveat on sizing: FSLR is 2.6 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.
AON vs FSLR: side by side
| AON (Aon plc) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | -4.6% | +9.9% |
| 5-year return | +27.0% | +119.6% |
| Volatility (ann.) | 21.7% | 56.2% |
| Beta vs S&P 500 | 0.34 | 1.14 |
| Max drawdown (3Y) | -24.2% | -60.0% |
| Market cap | $74.2B | $22.6B |
| P/E (trailing) | 19.5 | 12.7 |
| Dividend yield | 0.86% | 0.00% |
| Sector / category | Financials | Information Technology |
Year-by-year returns
| Year | AON | FSLR |
|---|---|---|
| 2022 | +0.6% | +71.9% |
| 2023 | -2.3% | +15.0% |
| 2024 | +24.5% | +2.3% |
| 2025 | -1.2% | +48.2% |
| 2026 | -0.5% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AON and FSLR good diversifiers for each other?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
FAQ
What is the correlation between AON and FSLR?
As of 2026-08-27, the correlation of weekly returns between AON and FSLR is -0.22 over 3 years, -0.32 over 1 year and -0.02 over 5 years.
Is FSLR a good diversifier for AON?
By historical standards, yes. A correlation of -0.22 means the two rarely move for the same reasons.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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/aon-vs-fslr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aon-vs-fslr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AON correlations · FSLR correlations
