ARRY vs SHLS: Correlation
How closely do Array Technologies, Inc. (ARRY) and Shoals Technologies Group, Inc. (SHLS) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and SHLS?
Across a 3-year window, the weekly returns of ARRY and SHLS correlate at 0.62, strong. The past 12 months show a tighter link (0.75) than the 3-year average (0.62). Stretching to 5 years gives 0.70, with an annualized covariance of 3414.6 %².
SHLS is one of the assets that tracks ARRY most closely: it ranks #3 out of the 14 assets we track against ARRY. Their recent paths diverged sharply: over the last 12 months SHLS outperformed by 62.5 percentage points (-48.3% for ARRY against +14.2% for SHLS).
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 SHLS: side by side
| ARRY (Array Technologies, Inc.) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -48.3% | +14.2% |
| 5-year return | -75.3% | -76.8% |
| Volatility (ann.) | 73.3% | 75.0% |
| Beta vs S&P 500 | 1.37 | 1.02 |
| Max drawdown (3Y) | -84.9% | -87.3% |
| Market cap | $0.7B | $1.2B |
| P/E (trailing) | – | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARRY | SHLS |
|---|---|---|
| 2022 | +23.2% | +1.5% |
| 2023 | -13.1% | -37.0% |
| 2024 | -64.0% | -64.4% |
| 2025 | +52.6% | +53.7% |
| 2026 | -49.3% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and SHLS good diversifiers for each other?
To a limited degree. At 0.62 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 SHLS?
The ARRY/SHLS correlation stands at 0.62 on a 3-year window (1 year: 0.75, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is SHLS a good diversifier for ARRY?
To a limited degree. At 0.62 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 0.62 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-shls.json
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[](https://www.pairbook.io/pair/arry-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARRY correlations · SHLS correlations
