AZO vs SHLS: Correlation
AutoZone (AZO) and Shoals Technologies Group, Inc. (SHLS) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AZO and SHLS?
On 3 years of weekly data the AZO/SHLS correlation comes out at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.22). The 5-year figure is -0.11, and annualized covariance runs at -386.5 %².
Out of 30 assets tracked against AZO, SHLS lands near the bottom at #26. Their recent paths diverged sharply: over the last 12 months SHLS outperformed by 44.5 percentage points (-30.3% for AZO against +14.2% for SHLS). Risk is not evenly split, since SHLS carries 3.2 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.
AZO vs SHLS: side by side
| AZO (AutoZone) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | -30.3% | +14.2% |
| 5-year return | +88.5% | -76.8% |
| Volatility (ann.) | 23.2% | 75.0% |
| Beta vs S&P 500 | 0.31 | 1.02 |
| Max drawdown (3Y) | -32.9% | -87.3% |
| Market cap | – | $1.2B |
| P/E (trailing) | 20.6 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Consumer Discretionary | US Listed |
Year-by-year returns
| Year | AZO | SHLS |
|---|---|---|
| 2022 | +17.6% | +1.5% |
| 2023 | +4.8% | -37.0% |
| 2024 | +23.8% | -64.4% |
| 2025 | +5.9% | +53.7% |
| 2026 | -13.5% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AZO and SHLS good diversifiers for each other?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between AZO and SHLS?
As of 2026-08-27, the correlation of weekly returns between AZO and SHLS is -0.22 over 3 years, -0.34 over 1 year and -0.11 over 5 years.
Is SHLS a good diversifier for AZO?
Yes: at -0.22, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.22 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/azo-vs-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/azo-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AZO correlations · SHLS correlations
