ARRY vs FSLR: Correlation
Measured on weekly returns over the past three years, Array Technologies, Inc. (ARRY) and First Solar (FSLR) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and FSLR?
Over the past 3 years, ARRY and FSLR moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 2367.2 %².
By 3-year correlation, FSLR places #6 of the 14 assets tracked against ARRY. Correlation aside, the last 12 months split them widely, with FSLR ahead by 58.2 points (-48.3% versus +9.9%).
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.
ARRY vs FSLR: side by side
| ARRY (Array Technologies, Inc.) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | -48.3% | +9.9% |
| 5-year return | -75.3% | +119.6% |
| Volatility (ann.) | 73.3% | 56.2% |
| Beta vs S&P 500 | 1.37 | 1.14 |
| Max drawdown (3Y) | -84.9% | -60.0% |
| Market cap | $0.7B | $22.6B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ARRY | FSLR |
|---|---|---|
| 2022 | +23.2% | +71.9% |
| 2023 | -13.1% | +15.0% |
| 2024 | -64.0% | +2.3% |
| 2025 | +52.6% | +48.2% |
| 2026 | -49.3% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and FSLR good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARRY and FSLR?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.48 over the last year and 0.57 over 5 years.
Is FSLR a good diversifier for ARRY?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 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/arry-vs-fslr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arry-vs-fslr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARRY correlations · FSLR correlations
