ARRY vs FTCI: Correlation
How closely do Array Technologies, Inc. (ARRY) and FTC Solar, Inc. (FTCI) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and FTCI?
Across a 3-year window, the weekly returns of ARRY and FTCI correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.36 lands near the 3-year figure. Stretching to 5 years gives 0.49, with an annualized covariance of 3998.7 %².
Among the 14 assets we track against ARRY, FTCI ranks #7 by 3-year correlation. On 12-month performance ARRY holds a 14.1-point edge, -48.3% against -62.4%. One caveat on sizing: FTCI is 1.7 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.
ARRY vs FTCI: side by side
| ARRY (Array Technologies, Inc.) | FTCI (FTC Solar, Inc.) | |
|---|---|---|
| 1-year return | -48.3% | -62.4% |
| 5-year return | -75.3% | -97.8% |
| Volatility (ann.) | 73.3% | 122.6% |
| Beta vs S&P 500 | 1.37 | 2.61 |
| Max drawdown (3Y) | -84.9% | -90.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARRY | FTCI |
|---|---|---|
| 2022 | +23.2% | -64.6% |
| 2023 | -13.1% | -74.1% |
| 2024 | -64.0% | -20.5% |
| 2025 | +52.6% | +98.0% |
| 2026 | -49.3% | -77.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and FTCI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ARRY and FTCI?
The ARRY/FTCI correlation stands at 0.44 on a 3-year window (1 year: 0.36, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is FTCI a good diversifier for ARRY?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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-ftci.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arry-vs-ftci/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARRY correlations · FTCI correlations
