FSLR vs SPCE: Correlation
How closely do First Solar (FSLR) and Virgin Galactic Holdings, Inc. (SPCE) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSLR and SPCE?
Over the past 3 years, FSLR and SPCE moved with a correlation of 0.42, which is moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.42). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 2378.3 %².
Within FSLR's tracked universe of 34 assets, SPCE comes in at #14 by 3-year correlation. On 12-month performance FSLR holds a 12.8-point edge, +9.9% against -2.9%. Note the risk asymmetry: SPCE runs 1.8 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 SPCE: side by side
| FSLR (First Solar) | SPCE (Virgin Galactic Holdings, Inc.) | |
|---|---|---|
| 1-year return | +9.9% | -2.9% |
| 5-year return | +119.6% | -99.4% |
| Volatility (ann.) | 56.2% | 100.5% |
| Beta vs S&P 500 | 1.14 | 2.82 |
| Max drawdown (3Y) | -60.0% | -96.0% |
| Market cap | $22.6B | $0.5B |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FSLR | SPCE |
|---|---|---|
| 2022 | +71.9% | -74.0% |
| 2023 | +15.0% | -29.6% |
| 2024 | +2.3% | -88.0% |
| 2025 | +48.2% | -45.4% |
| 2026 | -19.6% | -6.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSLR and SPCE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FSLR and SPCE?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.55 over the last year and 0.38 over 5 years.
Is SPCE a good diversifier for FSLR?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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-spce.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/fslr-vs-spce/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSLR correlations · SPCE correlations
