DOCN vs FLNC: Correlation
How closely do DigitalOcean Holdings, Inc. (DOCN) and Fluence Energy, Inc. (FLNC) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOCN and FLNC?
Over the past 3 years, DOCN and FLNC moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.58 over 1 year against 0.50 over 3. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 3574.6 %².
Within DOCN's tracked universe of 16 assets, FLNC comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DOCN outperformed by 219.0 percentage points (+276.0% for DOCN against +57.0% for FLNC). Note the risk asymmetry: FLNC runs 1.7 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.
DOCN vs FLNC: side by side
| DOCN (DigitalOcean Holdings, Inc.) | FLNC (Fluence Energy, Inc.) | |
|---|---|---|
| 1-year return | +276.0% | +57.0% |
| 5-year return | +95.5% | -67.3% |
| Volatility (ann.) | 64.8% | 109.2% |
| Beta vs S&P 500 | 1.71 | 2.11 |
| Max drawdown (3Y) | -44.9% | -86.9% |
| Market cap | $14.3B | $2.1B |
| P/E (trailing) | 52.4 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DOCN | FLNC |
|---|---|---|
| 2022 | -68.3% | -51.8% |
| 2023 | +44.1% | +39.1% |
| 2024 | -7.1% | -33.4% |
| 2025 | +41.2% | +24.6% |
| 2026 | +152.9% | -42.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOCN and FLNC good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DOCN and FLNC?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.58 over the last year and 0.46 over 5 years.
Is FLNC a good diversifier for DOCN?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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
$ curl https://www.pairbook.io/api/v1/pairs/docn-vs-flnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/docn-vs-flnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOCN correlations · FLNC correlations
