CSIQ vs TAN: Correlation
Measured on weekly returns over the past three years, Canadian Solar Inc. (CSIQ) and Invesco Solar ETF (TAN) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and TAN?
Across a 3-year window, the weekly returns of CSIQ and TAN correlate at 0.60, strong. Little has changed lately, as the 1-year reading of 0.50 lands near the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 1797.7 %².
TAN is one of the assets that tracks CSIQ most closely: it ranks #1 out of the 15 assets we track against CSIQ. The trailing year gives CSIQ the advantage: +35.2% versus +21.4%, a 13.8-point spread. Note the risk asymmetry: CSIQ runs 2.1 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 TAN: side by side
| CSIQ (Canadian Solar Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +35.2% | +21.4% |
| 5-year return | -62.6% | -41.9% |
| Volatility (ann.) | 79.8% | 37.4% |
| Beta vs S&P 500 | 1.82 | 1.04 |
| Max drawdown (3Y) | -76.1% | -55.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | CSIQ | TAN |
|---|---|---|
| 2022 | -1.2% | -5.2% |
| 2023 | -15.1% | -26.8% |
| 2024 | -57.6% | -37.6% |
| 2025 | +113.8% | +48.3% |
| 2026 | -41.2% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSIQ and TAN good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CSIQ and TAN?
As of 2026-08-27, the correlation of weekly returns between CSIQ and TAN is 0.60 over 3 years, 0.50 over 1 year and 0.64 over 5 years.
Is TAN a good diversifier for CSIQ?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/csiq-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSIQ correlations · TAN correlations
