FSLR vs PGR: Correlation
How closely do First Solar (FSLR) and Progressive Corporation (PGR) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and PGR?
On 3 years of weekly data the FSLR/PGR correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.34) runs below the 3-year figure (-0.21). The 5-year figure is -0.04, and annualized covariance runs at -275.0 %².
Among the 34 assets we track against FSLR, PGR ranks #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FSLR outperformed by 15.2 percentage points (+9.9% for FSLR against -5.3% for PGR). This link changes with the market regime, having swung between -0.48 and 0.18 on a rolling one-year basis. Risk is not evenly split, since FSLR carries 2.4 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 PGR: side by side
| FSLR (First Solar) | PGR (Progressive Corporation) | |
|---|---|---|
| 1-year return | +9.9% | -5.3% |
| 5-year return | +119.6% | +153.0% |
| Volatility (ann.) | 56.2% | 23.6% |
| Beta vs S&P 500 | 1.14 | 0.32 |
| Max drawdown (3Y) | -60.0% | -30.4% |
| Market cap | $22.6B | $126.5B |
| P/E (trailing) | 12.7 | 10.9 |
| Dividend yield | 0.00% | 0.18% |
| Sector / category | Information Technology | Financials |
Year-by-year returns
| Year | FSLR | PGR |
|---|---|---|
| 2022 | +71.9% | +26.8% |
| 2023 | +15.0% | +23.2% |
| 2024 | +2.3% | +51.4% |
| 2025 | +48.2% | -3.0% |
| 2026 | -19.6% | +1.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and PGR good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between FSLR and PGR?
The FSLR/PGR correlation stands at -0.21 on a 3-year window (1 year: -0.34, 5 years: -0.04), computed from weekly returns as of 2026-08-27.
Is PGR a good diversifier for FSLR?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fslr-vs-pgr.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fslr-vs-pgr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FSLR correlations · PGR correlations
