FCEL vs PLUG: Correlation
FuelCell Energy, Inc. (FCEL) and Plug Power, Inc. (PLUG) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCEL and PLUG?
On 3 years of weekly data the FCEL/PLUG correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.47 over 3. The 5-year figure is 0.54, and annualized covariance runs at 5123.0 %².
PLUG is one of the assets that tracks FCEL most closely: it ranks #2 out of the 11 assets we track against FCEL. Their recent paths diverged sharply: over the last 12 months FCEL outperformed by 303.0 percentage points (+343.1% for FCEL against +40.1% for PLUG).
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.
FCEL vs PLUG: side by side
| FCEL (FuelCell Energy, Inc.) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | +343.1% | +40.1% |
| 5-year return | -89.6% | -91.3% |
| Volatility (ann.) | 109.1% | 98.9% |
| Beta vs S&P 500 | 1.17 | 1.49 |
| Max drawdown (3Y) | -93.0% | -92.1% |
| Market cap | $1.5B | $3.2B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FCEL | PLUG |
|---|---|---|
| 2022 | -46.5% | -56.2% |
| 2023 | -42.4% | -63.6% |
| 2024 | -81.2% | -52.7% |
| 2025 | -19.1% | -7.5% |
| 2026 | +164.3% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCEL and PLUG good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FCEL and PLUG?
The FCEL/PLUG correlation stands at 0.47 on a 3-year window (1 year: 0.48, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is PLUG a good diversifier for FCEL?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FCEL correlations · PLUG correlations
