FSLR vs LUCY: Correlation
First Solar (FSLR) and Innovative Eyewear, Inc. (LUCY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and LUCY?
Across a 3-year window, the weekly returns of FSLR and LUCY correlate at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.41). Stretching to 5 years gives 0.28, with an annualized covariance of 5971.6 %².
Among the 34 assets we track against FSLR, LUCY ranks #15 by 3-year correlation. The last year tells two different stories: FSLR led by 61.6 percentage points, +9.9% for FSLR against -51.7% for LUCY. Note the risk asymmetry: LUCY runs 4.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
FSLR vs LUCY: side by side
| FSLR (First Solar) | LUCY (Innovative Eyewear, Inc.) | |
|---|---|---|
| 1-year return | +9.9% | -51.7% |
| 5-year return | +119.6% | n/a |
| Volatility (ann.) | 56.2% | 259.2% |
| Beta vs S&P 500 | 1.14 | 1.73 |
| Max drawdown (3Y) | -60.0% | -96.7% |
| Market cap | $22.6B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | LUCY |
|---|---|---|
| 2022 | +71.9% | – |
| 2023 | +15.0% | -69.2% |
| 2024 | +2.3% | -41.7% |
| 2025 | +48.2% | -79.7% |
| 2026 | -19.6% | -5.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and LUCY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FSLR and LUCY?
As of 2026-08-27, the correlation of weekly returns between FSLR and LUCY is 0.41 over 3 years, 0.04 over 1 year and 0.28 over 5 years.
Is LUCY a good diversifier for FSLR?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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/fslr-vs-lucy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fslr-vs-lucy/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · LUCY correlations
