ENPH vs TAN: Correlation
Enphase Energy, Inc. (ENPH) and Invesco Solar ETF (TAN) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENPH and TAN?
On 3 years of weekly data the ENPH/TAN correlation comes out at 0.69, strong. The link has loosened recently: the 1-year correlation (0.58) runs below the 3-year figure (0.69). The 5-year figure is 0.74, and annualized covariance runs at 1803.2 %².
TAN is one of the assets that tracks ENPH most closely: it ranks #1 out of the 12 assets we track against ENPH. The last year tells two different stories: TAN led by 16.9 percentage points, +4.5% for ENPH against +21.4% for TAN. One caveat on sizing: ENPH is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 TAN: side by side
| ENPH (Enphase Energy, Inc.) | TAN (Invesco Solar ETF) | |
|---|---|---|
| 1-year return | +4.5% | +21.4% |
| 5-year return | -77.9% | -41.9% |
| Volatility (ann.) | 70.2% | 37.4% |
| Beta vs S&P 500 | 1.12 | 1.04 |
| Max drawdown (3Y) | -81.0% | -55.4% |
| Market cap | $5.2B | – |
| P/E (trailing) | 38.1 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Thematic |
Year-by-year returns
| Year | ENPH | TAN |
|---|---|---|
| 2022 | +44.8% | -5.2% |
| 2023 | -50.1% | -26.8% |
| 2024 | -48.0% | -37.6% |
| 2025 | -53.3% | +48.3% |
| 2026 | +22.5% | +1.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENPH and TAN good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ENPH and TAN?
The ENPH/TAN correlation stands at 0.69 on a 3-year window (1 year: 0.58, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is TAN a good diversifier for ENPH?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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/enph-vs-tan.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/enph-vs-tan/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ENPH correlations · TAN correlations
