FSLR vs NTAP: Correlation
How closely do First Solar (FSLR) and NetApp (NTAP) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and NTAP?
On 3 years of weekly data the FSLR/NTAP correlation comes out at 0.33, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.33 over 3. The 5-year figure is 0.26, and annualized covariance runs at 691.8 %².
Within FSLR's tracked universe of 34 assets, NTAP comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NTAP outperformed by 63.1 percentage points (+9.9% for FSLR against +73.0% for NTAP). Across three years, the rolling one-year figure varied moderately, from 0.06 to 0.46.
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 NTAP: side by side
| FSLR (First Solar) | NTAP (NetApp) | |
|---|---|---|
| 1-year return | +9.9% | +73.0% |
| 5-year return | +119.6% | +141.7% |
| Volatility (ann.) | 56.2% | 37.6% |
| Beta vs S&P 500 | 1.14 | 1.38 |
| Max drawdown (3Y) | -60.0% | -42.6% |
| Market cap | $22.6B | $37.4B |
| P/E (trailing) | 12.7 | 30.5 |
| Dividend yield | 0.00% | 1.07% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FSLR | NTAP |
|---|---|---|
| 2022 | +71.9% | -32.9% |
| 2023 | +15.0% | +51.1% |
| 2024 | +2.3% | +34.2% |
| 2025 | +48.2% | -5.9% |
| 2026 | -19.6% | +80.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and NTAP good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FSLR and NTAP?
The FSLR/NTAP correlation stands at 0.33 on a 3-year window (1 year: 0.42, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is NTAP a good diversifier for FSLR?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 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-ntap.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fslr-vs-ntap/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · NTAP correlations
