COR vs TAN: Correlation
Cencora (COR) and Invesco Solar ETF (TAN) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and TAN?
On 3 years of weekly data the COR/TAN correlation comes out at -0.18, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.19 over 1 year against -0.18 over 3. The 5-year figure is -0.04, and annualized covariance runs at -145.3 %².
Within COR's tracked universe of 43 assets, TAN comes in at #23 by 3-year correlation. On 12-month performance TAN holds a 10.0-point edge, +11.4% against +21.4%. The rolling one-year correlation moved between -0.27 and 0.20 over the past three years, a moderate range. One caveat on sizing: TAN 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.
COR vs TAN: side by side
| COR (Cencora) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +11.4% | +21.4% |
| 5-year return | +188.6% | -41.9% |
| Volatility (ann.) | 21.9% | 37.4% |
| Beta vs S&P 500 | 0.08 | 1.04 |
| Max drawdown (3Y) | -32.4% | -55.4% |
| Market cap | $61.3B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.72% | – |
| Sector / category | Health Care | ETF · Thematic |
Year-by-year returns
| Year | COR | TAN |
|---|---|---|
| 2022 | +26.3% | -5.2% |
| 2023 | +25.3% | -26.8% |
| 2024 | +10.4% | -37.6% |
| 2025 | +51.5% | +48.3% |
| 2026 | -4.3% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COR and TAN good diversifiers for each other?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between COR and TAN?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.19 over the last year and -0.04 over 5 years.
Is TAN a good diversifier for COR?
By historical standards, yes. A correlation of -0.18 means the two rarely move for the same reasons.
What does a correlation of -0.18 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/cor-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cor-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: COR correlations · TAN correlations
