ARRY vs TAN: Correlation
Array Technologies, Inc. (ARRY) and Invesco Solar ETF (TAN) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARRY and TAN?
On 3 years of weekly data the ARRY/TAN correlation comes out at 0.70, strong. The relationship has been stable: the 1-year correlation (0.68) sits close to the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 1922.5 %².
Few assets follow ARRY as closely as TAN, which ranks #1 of 14 tracked partners. The last year tells two different stories: TAN led by 69.7 percentage points, -48.3% for ARRY against +21.4% for TAN. Risk is not evenly split, since ARRY carries 2.0 times the volatility of the other side.
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 TAN: side by side
| ARRY (Array Technologies, Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | -48.3% | +21.4% |
| 5-year return | -75.3% | -41.9% |
| Volatility (ann.) | 73.3% | 37.4% |
| Beta vs S&P 500 | 1.37 | 1.04 |
| Max drawdown (3Y) | -84.9% | -55.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ARRY | TAN |
|---|---|---|
| 2022 | +23.2% | -5.2% |
| 2023 | -13.1% | -26.8% |
| 2024 | -64.0% | -37.6% |
| 2025 | +52.6% | +48.3% |
| 2026 | -49.3% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARRY and TAN good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARRY and TAN?
Using weekly returns as of 2026-08-27: 0.70 over 3 years, with 0.68 over the last year and 0.70 over 5 years.
Is TAN a good diversifier for ARRY?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
On the −1 to +1 scale, 0.70 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/arry-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/arry-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARRY correlations · TAN correlations
