FLEX vs FLNC: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and Fluence Energy, Inc. (FLNC) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and FLNC?
Across a 3-year window, the weekly returns of FLEX and FLNC correlate at 0.55, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.67 versus 0.55 over 3 years. Stretching to 5 years gives 0.56, with an annualized covariance of 3083.8 %².
Among the 45 assets we track against FLEX, FLNC ranks #15 by 3-year correlation. The last year tells two different stories: FLEX led by 57.6 percentage points, +114.6% for FLEX against +57.0% for FLNC. One caveat on sizing: FLNC is 2.1 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.
FLEX vs FLNC: side by side
| FLEX (Flex Ltd.) | FLNC (Fluence Energy, Inc.) | |
|---|---|---|
| 1-year return | +114.6% | +57.0% |
| 5-year return | +716.5% | -67.3% |
| Volatility (ann.) | 50.9% | 109.2% |
| Beta vs S&P 500 | 1.70 | 2.11 |
| Max drawdown (3Y) | -40.0% | -86.9% |
| Market cap | $42.6B | $2.1B |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | FLNC |
|---|---|---|
| 2022 | +17.1% | -51.8% |
| 2023 | +41.9% | +39.1% |
| 2024 | +67.2% | -33.4% |
| 2025 | +57.4% | +24.6% |
| 2026 | +90.8% | -42.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and FLNC good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FLEX and FLNC?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.67 over the last year and 0.56 over 5 years.
Is FLNC a good diversifier for FLEX?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 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/flex-vs-flnc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/flex-vs-flnc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FLEX correlations · FLNC correlations
