CSIQ vs FSLR: Correlation
How closely do Canadian Solar Inc. (CSIQ) and First Solar (FSLR) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and FSLR?
Over the past 3 years, CSIQ and FSLR moved with a correlation of 0.51, which is moderate. Recent behaviour matches the longer record: 0.50 over 1 year against 0.51 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 2281.2 %².
FSLR is one of the assets that tracks CSIQ most closely: it ranks #3 out of the 15 assets we track against CSIQ. The last year tells two different stories: CSIQ led by 25.3 percentage points, +35.2% for CSIQ against +9.9% for FSLR.
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.
CSIQ vs FSLR: side by side
| CSIQ (Canadian Solar Inc.) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | +35.2% | +9.9% |
| 5-year return | -62.6% | +119.6% |
| Volatility (ann.) | 79.8% | 56.2% |
| Beta vs S&P 500 | 1.82 | 1.14 |
| Max drawdown (3Y) | -76.1% | -60.0% |
| Market cap | $0.9B | $22.6B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | CSIQ | FSLR |
|---|---|---|
| 2022 | -1.2% | +71.9% |
| 2023 | -15.1% | +15.0% |
| 2024 | -57.6% | +2.3% |
| 2025 | +113.8% | +48.2% |
| 2026 | -41.2% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSIQ and FSLR good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CSIQ and FSLR?
The CSIQ/FSLR correlation stands at 0.51 on a 3-year window (1 year: 0.50, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is FSLR a good diversifier for CSIQ?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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/csiq-vs-fslr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csiq-vs-fslr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSIQ correlations · FSLR correlations
