FSLR vs NXT: Correlation
Measured on weekly returns over the past three years, First Solar (FSLR) and Nextpower Inc. (NXT) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and NXT?
On 3 years of weekly data the FSLR/NXT correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.54) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 2044.7 %².
Among the 34 assets we track against FSLR, NXT ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NXT ahead by 22.4 points (+9.9% versus +32.3%).
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 NXT: side by side
| FSLR (First Solar) | NXT (Nextpower Inc.) | |
|---|---|---|
| 1-year return | +9.9% | +32.3% |
| 5-year return | +119.6% | n/a |
| Volatility (ann.) | 56.2% | 62.6% |
| Beta vs S&P 500 | 1.14 | 1.42 |
| Max drawdown (3Y) | -60.0% | -48.6% |
| Market cap | $22.6B | $13.8B |
| P/E (trailing) | 12.7 | 22.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | NXT |
|---|---|---|
| 2022 | +71.9% | – |
| 2023 | +15.0% | – |
| 2024 | +2.3% | -22.0% |
| 2025 | +48.2% | +138.5% |
| 2026 | -19.6% | +2.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and NXT good diversifiers for each other?
Only partially. A correlation of 0.58 means FSLR and NXT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FSLR and NXT?
As of 2026-08-27, the correlation of weekly returns between FSLR and NXT is 0.58 over 3 years, 0.54 over 1 year and n/a over 5 years.
Is NXT a good diversifier for FSLR?
Only partially. A correlation of 0.58 means FSLR and NXT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
A reading of 0.58 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 · NXT correlations
