FLEX vs SO: Correlation
Measured on weekly returns over the past three years, Flex Ltd. (FLEX) and Southern Company (SO) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and SO?
On 3 years of weekly data the FLEX/SO correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.30) sits close to the 3-year figure. The 5-year figure is -0.09, and annualized covariance runs at -197.8 %².
By 3-year correlation, SO places #38 of the 45 assets tracked against FLEX. Correlation aside, the last 12 months split them widely, with FLEX ahead by 116.0 points (+114.6% versus -1.4%). Across three years, the rolling one-year figure varied moderately, from -0.39 to -0.02. One caveat on sizing: FLEX is 3.1 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 SO: side by side
| FLEX (Flex Ltd.) | SO (Southern Company) | |
|---|---|---|
| 1-year return | +114.6% | -1.4% |
| 5-year return | +716.5% | +62.6% |
| Volatility (ann.) | 50.9% | 16.5% |
| Beta vs S&P 500 | 1.70 | -0.02 |
| Max drawdown (3Y) | -40.0% | -15.0% |
| Market cap | $42.6B | $102.4B |
| P/E (trailing) | 43.2 | 21.7 |
| Dividend yield | 0.00% | 3.32% |
| Sector / category | Information Technology | Utilities |
Year-by-year returns
| Year | FLEX | SO |
|---|---|---|
| 2022 | +17.1% | +8.2% |
| 2023 | +41.9% | +2.2% |
| 2024 | +67.2% | +21.7% |
| 2025 | +57.4% | +9.5% |
| 2026 | +90.8% | +4.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and SO good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FLEX and SO?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.30 over the last year and -0.09 over 5 years.
Is SO a good diversifier for FLEX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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: FLEX correlations · SO correlations
