ARRY vs NXT: Correlation
How closely do Array Technologies, Inc. (ARRY) and Nextpower Inc. (NXT) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and NXT?
Across a 3-year window, the weekly returns of ARRY and NXT correlate at 0.59, moderate. Recent behaviour matches the longer record: 0.61 over 1 year against 0.59 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 2709.4 %².
By 3-year correlation, NXT places #5 of the 14 assets tracked against ARRY. Correlation aside, the last 12 months split them widely, with NXT ahead by 80.6 points (-48.3% versus +32.3%).
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 NXT: side by side
| ARRY (Array Technologies, Inc.) | NXT (Nextpower Inc.) | |
|---|---|---|
| 1-year return | -48.3% | +32.3% |
| 5-year return | -75.3% | n/a |
| Volatility (ann.) | 73.3% | 62.6% |
| Beta vs S&P 500 | 1.37 | 1.42 |
| Max drawdown (3Y) | -84.9% | -48.6% |
| Market cap | $0.7B | $13.8B |
| P/E (trailing) | – | 22.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARRY | NXT |
|---|---|---|
| 2022 | +23.2% | – |
| 2023 | -13.1% | – |
| 2024 | -64.0% | -22.0% |
| 2025 | +52.6% | +138.5% |
| 2026 | -49.3% | +2.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and NXT good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARRY and NXT?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.61 over the last year and n/a over 5 years.
Is NXT a good diversifier for ARRY?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
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Related comparisons
Hubs: ARRY correlations · NXT correlations
