FSLR vs ONMD: Correlation
How closely do First Solar (FSLR) and OneMedNet Corp (ONMD) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and ONMD?
On 3 years of weekly data the FSLR/ONMD correlation comes out at 0.30, moderate. The past 12 months show a weaker link (-0.11) than the 3-year average (0.30). The 5-year figure is 0.23, and annualized covariance runs at 4931.4 %².
Among the 34 assets we track against FSLR, ONMD ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FSLR outperformed by 38.2 percentage points (+9.9% for FSLR against -28.3% for ONMD). Note the risk asymmetry: ONMD runs 5.3 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 ONMD: side by side
| FSLR (First Solar) | ONMD (OneMedNet Corp) | |
|---|---|---|
| 1-year return | +9.9% | -28.3% |
| 5-year return | +119.6% | -94.1% |
| Volatility (ann.) | 56.2% | 295.9% |
| Beta vs S&P 500 | 1.14 | -0.51 |
| Max drawdown (3Y) | -60.0% | -97.2% |
| 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 | ONMD |
|---|---|---|
| 2022 | +71.9% | +3.4% |
| 2023 | +15.0% | -92.2% |
| 2024 | +2.3% | +67.9% |
| 2025 | +48.2% | -19.1% |
| 2026 | -19.6% | -46.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and ONMD good diversifiers for each other?
Reasonably. At 0.30, FSLR and ONMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FSLR and ONMD?
The FSLR/ONMD correlation stands at 0.30 on a 3-year window (1 year: -0.11, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is ONMD a good diversifier for FSLR?
Reasonably. At 0.30, FSLR and ONMD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-onmd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-onmd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSLR correlations · ONMD correlations
