CSIQ vs PAYX: Correlation
Measured on weekly returns over the past three years, Canadian Solar Inc. (CSIQ) and Paychex (PAYX) carry a correlation of -0.17, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and PAYX?
On 3 years of weekly data the CSIQ/PAYX correlation comes out at -0.17, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.30 versus -0.17 over 3 years. The 5-year figure is 0.02, and annualized covariance runs at -295.5 %².
By 3-year correlation, PAYX places #9 of the 15 assets tracked against CSIQ. Correlation aside, the last 12 months split them widely, with CSIQ ahead by 40.0 points (+35.2% versus -4.8%). Note the risk asymmetry: CSIQ runs 3.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PAYX: side by side
| CSIQ (Canadian Solar Inc.) | PAYX (Paychex) | |
|---|---|---|
| 1-year return | +35.2% | -4.8% |
| 5-year return | -62.6% | +29.0% |
| Volatility (ann.) | 79.8% | 21.3% |
| Beta vs S&P 500 | 1.82 | 0.47 |
| Max drawdown (3Y) | -76.1% | -45.0% |
| Market cap | $0.9B | $45.0B |
| P/E (trailing) | – | 25.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CSIQ | PAYX |
|---|---|---|
| 2022 | -1.2% | -13.2% |
| 2023 | -15.1% | +6.2% |
| 2024 | -57.6% | +21.3% |
| 2025 | +113.8% | -17.5% |
| 2026 | -41.2% | +16.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSIQ and PAYX good diversifiers for each other?
Yes. With a correlation of -0.17, CSIQ and PAYX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CSIQ and PAYX?
The CSIQ/PAYX correlation stands at -0.17 on a 3-year window (1 year: -0.30, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is PAYX a good diversifier for CSIQ?
Yes. With a correlation of -0.17, CSIQ and PAYX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.17 mean?
A reading of -0.17 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: CSIQ correlations · PAYX correlations
