ENPH vs FSLR: Correlation
How closely do Enphase Energy, Inc. (ENPH) and First Solar (FSLR) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENPH and FSLR?
On 3 years of weekly data the ENPH/FSLR correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.45). The 5-year figure is 0.50, and annualized covariance runs at 1783.3 %².
Among the 12 assets we track against ENPH, FSLR ranks #6 by 3-year correlation. On 12-month performance FSLR holds a 5.4-point edge, +4.5% against +9.9%.
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.
ENPH vs FSLR: side by side
| ENPH (Enphase Energy, Inc.) | FSLR (First Solar) | |
|---|---|---|
| 1-year return | +4.5% | +9.9% |
| 5-year return | -77.9% | +119.6% |
| Volatility (ann.) | 70.2% | 56.2% |
| Beta vs S&P 500 | 1.12 | 1.14 |
| Max drawdown (3Y) | -81.0% | -60.0% |
| Market cap | $5.2B | $22.6B |
| P/E (trailing) | 38.1 | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | ENPH | FSLR |
|---|---|---|
| 2022 | +44.8% | +71.9% |
| 2023 | -50.1% | +15.0% |
| 2024 | -48.0% | +2.3% |
| 2025 | -53.3% | +48.2% |
| 2026 | +22.5% | -19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENPH and FSLR good diversifiers for each other?
Reasonably. At 0.45, ENPH and FSLR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENPH and FSLR?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.32 over the last year and 0.50 over 5 years.
Is FSLR a good diversifier for ENPH?
Reasonably. At 0.45, ENPH and FSLR keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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
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Related comparisons
Hubs: ENPH correlations · FSLR correlations
