FSLR vs SHLS: Correlation
First Solar (FSLR) and Shoals Technologies Group, Inc. (SHLS) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and SHLS?
On 3 years of weekly data the FSLR/SHLS correlation comes out at 0.47, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.59 versus 0.47 over 3 years. The 5-year figure is 0.50, and annualized covariance runs at 1991.5 %².
Among the 34 assets we track against FSLR, SHLS ranks #8 by 3-year correlation. Their 12-month results are close: +9.9% for FSLR against +14.2% for SHLS.
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 SHLS: side by side
| FSLR (First Solar) | SHLS (Shoals Technologies Group, Inc.) | |
|---|---|---|
| 1-year return | +9.9% | +14.2% |
| 5-year return | +119.6% | -76.8% |
| Volatility (ann.) | 56.2% | 75.0% |
| Beta vs S&P 500 | 1.14 | 1.02 |
| Max drawdown (3Y) | -60.0% | -87.3% |
| Market cap | $22.6B | $1.2B |
| P/E (trailing) | 12.7 | 39.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | SHLS |
|---|---|---|
| 2022 | +71.9% | +1.5% |
| 2023 | +15.0% | -37.0% |
| 2024 | +2.3% | -64.4% |
| 2025 | +48.2% | +53.7% |
| 2026 | -19.6% | -12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and SHLS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FSLR and SHLS?
The FSLR/SHLS correlation stands at 0.47 on a 3-year window (1 year: 0.59, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is SHLS a good diversifier for FSLR?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 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-shls.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-shls/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · SHLS correlations
