FSLR vs MRSH: Correlation
Measured on weekly returns over the past three years, First Solar (FSLR) and Marsh McLennan (MRSH) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and MRSH?
Over the past 3 years, FSLR and MRSH moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.35 versus -0.21 over 3 years. Over 5 years the correlation is 0.01, and the annualized covariance of weekly returns is -212.9 %².
Within FSLR's tracked universe of 34 assets, MRSH comes in at #27 by 3-year correlation. The last year tells two different stories: FSLR led by 15.9 percentage points, +9.9% for FSLR against -6.0% for MRSH. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.37 to 0.22. Risk is not evenly split, since FSLR carries 3.1 times the volatility of the other side.
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 MRSH: side by side
| FSLR (First Solar) | MRSH (Marsh McLennan) | |
|---|---|---|
| 1-year return | +9.9% | -6.0% |
| 5-year return | +119.6% | +31.3% |
| Volatility (ann.) | 56.2% | 18.1% |
| Beta vs S&P 500 | 1.14 | 0.33 |
| Max drawdown (3Y) | -60.0% | -34.4% |
| Market cap | $22.6B | $90.7B |
| P/E (trailing) | 12.7 | 23.6 |
| Dividend yield | 0.00% | 1.91% |
| Sector / category | Information Technology | Financials |
Year-by-year returns
| Year | FSLR | MRSH |
|---|---|---|
| 2022 | +71.9% | -3.5% |
| 2023 | +15.0% | +16.1% |
| 2024 | +2.3% | +13.7% |
| 2025 | +48.2% | -11.3% |
| 2026 | -19.6% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and MRSH good diversifiers for each other?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FSLR and MRSH?
Using weekly returns as of 2026-08-27: -0.21 over 3 years, with -0.35 over the last year and 0.01 over 5 years.
Is MRSH a good diversifier for FSLR?
Yes: at -0.21, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FSLR correlations · MRSH correlations
