FSLR vs RUN: Correlation
First Solar (FSLR) and Sunrun Inc. (RUN) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and RUN?
Over the past 3 years, FSLR and RUN moved with a correlation of 0.66, which is strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 3488.4 %².
In FSLR's tracked universe of 34 assets, RUN sits right near the top at #3. The last year tells two different stories: FSLR led by 52.6 percentage points, +9.9% for FSLR against -42.7% for RUN. One caveat on sizing: RUN is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 RUN: side by side
| FSLR (First Solar) | RUN (Sunrun Inc.) | |
|---|---|---|
| 1-year return | +9.9% | -42.7% |
| 5-year return | +119.6% | -79.7% |
| Volatility (ann.) | 56.2% | 94.7% |
| Beta vs S&P 500 | 1.14 | 1.89 |
| Max drawdown (3Y) | -60.0% | -73.7% |
| Market cap | $22.6B | $2.2B |
| P/E (trailing) | 12.7 | 6.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | RUN |
|---|---|---|
| 2022 | +71.9% | -30.0% |
| 2023 | +15.0% | -18.3% |
| 2024 | +2.3% | -52.9% |
| 2025 | +48.2% | +98.9% |
| 2026 | -19.6% | -50.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and RUN good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FSLR and RUN?
The FSLR/RUN correlation stands at 0.66 on a 3-year window (1 year: 0.62, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is RUN a good diversifier for FSLR?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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-run.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-run/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FSLR correlations · RUN correlations
